Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-K
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the Fiscal Year Ended December 31, 2015
Commission File Number 1-13374
REALTY INCOME CORPORATION
(Exact name of registrant as specified in its charter)
Maryland
33-0580106
(State or Other Jurisdiction of
(IRS Employer
Incorporation or Organization)
Identification Number)
11995 El Camino Real, San Diego, California, 92130
(Address of Principal Executive Offices)
Registrant’s telephone number, including area code: (858) 284-5000
Securities registered pursuant to Section 12 (b) of the Act:
Title of Each Class
Name of Each Exchange On Which Registered
Common Stock, $0.01 Par Value
Class F Preferred Stock, $0.01 Par Value
New York Stock Exchange
Securities registered pursuant to Section 12 (g) of the Act: None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. YES x NO o
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. YES o NO x
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES x NO o
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). YES x NO o
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. x
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer x Accelerated filer o Non-accelerated filer o Smaller reporting company o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES o NO x
At June 30, 2015, the aggregate market value of the Registrant’s shares of common stock, $0.01 par value, held by non-affiliates of the Registrant was $10.4 billion based upon the last reported sale price of $44.39 per share on the New York Stock Exchange on June 30, 2015, the last business day of the Registrant’s most recently completed second fiscal quarter.
At January 29, 2016, the number of shares of common stock outstanding was 250,538,261 and the number of shares of Class F Cumulative Redeemable Preferred Stock outstanding was 16,350,000.
DOCUMENTS INCORPORATED BY REFERENCE
Part III, Items 10, 11, 12, 13, and 14 incorporate by reference certain specific portions of the definitive Proxy Statement for Realty Income Corporation’s Annual Meeting to be held on May 17, 2016, to be filed pursuant to Regulation 14A. Only those portions of the proxy statement which are specifically incorporated by reference herein shall constitute a part of this annual report.
Index to Form 10-K
PART I
Page
Item 1:
Business
The Company
2
Recent Developments
3
Dividend Policy
5
Business Philosophy and Strategy
6
Property Portfolio Information
12
Forward-Looking Statements
19
Item 1A:
Risk Factors
Item 1B:
Unresolved Staff Comments
30
Item 2:
Properties
Item 3:
Legal Proceedings
Item 4:
Mine Safety Disclosures
PART II
Item 5:
Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
31
Item 6:
Selected Financial Data
32
Item 7:
Management’s Discussion and Analysis of Financial Condition and Results of Operations
General
33
Liquidity and Capital Resources
Results of Operations
40
Funds from Operations Available to Common Stockholders (FFO)
46
Adjusted Funds from Operations Available to Common Stockholders (AFFO)
47
Impact of Inflation
48
Impact of Recent Accounting Pronouncements
Item 7A:
Quantitative and Qualitative Disclosures About Market Risk
Item 8:
Financial Statements and Supplementary Data
50
Item 9:
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
79
Item 9A:
Controls and Procedures
Item 9B:
Other Information
80
PART III
Item 10:
Directors, Executive Officers and Corporate Governance
Item 11:
Executive Compensation
Item 12:
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
Item 13:
Certain Relationships, Related Transactions and Director Independence
Item 14:
Principal Accounting Fees and Services
PART IV
Item 15:
Exhibits and Financial Statement Schedules
81
SIGNATURES
87
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Item 1: Business
THE COMPANY
Realty Income, The Monthly Dividend Company®, is an S&P 500 real estate company with the primary business objective of generating dependable monthly cash dividends from a consistent and predictable level of cash flow from operations. Our monthly dividends are supported by the cash flow from our property portfolio. We have in-house acquisition, portfolio management, asset management, credit research, real estate research, legal, finance and accounting, information technology, and capital markets capabilities. Over the past 47 years, Realty Income has been acquiring and managing freestanding commercial properties that generate rental revenue under long-term net lease agreements.
Realty Income (NYSE: O) was founded in 1969, and listed on the New York Stock Exchange, or NYSE, in 1994. We elected to be taxed as a real estate investment trust, or REIT, requiring us to distribute dividends to our stockholders aggregating at least 90% of our taxable income (excluding net capital gains).
We seek to increase earnings and distributions to stockholders through active portfolio management, asset management and the acquisition of additional properties.
Generally, our portfolio and asset management efforts seek to achieve:
· Contractual rent increases on existing leases;
· Rent increases at the termination of existing leases, when market conditions permit;
· Optimum exposure to certain tenants and markets through re-leasing vacant properties and selectively selling properties;
· Maximum asset-level returns on properties re-leased and/or sold;
· Optimum value of the existing portfolio by enhancing individual properties, pursuing alternative uses, and deriving ancillary revenue; and
· Investment opportunities in new asset classes for the portfolio.
At December 31, 2015, we owned a diversified portfolio:
· Of 4,538 properties;
· With an occupancy rate of 98.4%, or 4,467 properties leased and 71 properties available for lease;
· Leased to 240 different commercial tenants doing business in 47 separate industries;
· Located in 49 states and Puerto Rico;
· With over 76.0 million square feet of leasable space; and
· With an average leasable space per property of approximately 16,750 square feet; approximately 11,550 square feet per retail property and 216,550 square feet per industrial property.
Of the 4,538 properties in the portfolio, 4,519, or 99.6%, are single-tenant properties, and the remaining are multi-tenant properties. At December 31, 2015, of the 4,519 single-tenant properties, 4,448 were leased with a weighted average remaining lease term (excluding rights to extend a lease at the option of the tenant) of approximately 10.0 years.
Our ten senior officers owned 0.2% of our outstanding common stock with a market value of $30.6 million at January 29, 2016. Our directors and ten senior officers, as a group, owned 0.3% of our outstanding common stock with a market value of $46.5 million at January 29, 2016.
Our common stock is listed on the NYSE under the ticker symbol “O” with a CUSIP number of 756109-104. Our central index key number is 726728.
Our 6.625% Monthly Income Class F Cumulative Redeemable Preferred Stock, or the Class F preferred stock, is listed on the NYSE under the ticker symbol “OprF” with a CUSIP number of 756109-807.
In January 2016, we had 132 employees, as compared to 125 employees in January 2015.
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We maintain a corporate website at www.realtyincome.com. On our website we make available, free of charge, copies of our annual report on Form 10-K, quarterly reports on Form 10-Q, Form 3s, Form 4s, Form 5s, current reports on Form 8-K, and amendments to those reports, as soon as reasonably practicable after we electronically file these reports with the Securities and Exchange Commission, or SEC. None of the information on our website is deemed to be part of this report.
RECENT DEVELOPMENTS
Increases in Monthly Dividends to Common Stockholders
We have continued our 47-year policy of paying monthly dividends. In addition, we increased the dividend five times during 2015, and two times during 2016. As of February 2016, we have paid 73 consecutive quarterly dividend increases and increased the dividend 84 times since our listing on the NYSE in 1994.
Month
Dividend
Increase
2015 Dividend increases
Declared
Paid
per share
1st increase
Dec 2014
Jan 2015
$ 0.1834167
$ 0.0003125
2nd increase
Feb 2015
0.1890000
0.0055833
3rd increase
Mar 2015
Apr 2015
0.1895000
0.0005000
4th increase
Jun 2015
Jul 2015
0.1900000
5th increase
Sep 2015
Oct 2015
0.1905000
2016 Dividend increases
Dec 2015
Jan 2016
$ 0.1910000
$ 0.0005000
Feb 2016
$ 0.1985000
$ 0.0075000
The dividends paid per share during 2015 totaled approximately $2.2714167, as compared to approximately $2.1916254 during 2014, an increase of $0.0798, or 3.6%.
The monthly dividend of $0.1985 per share represents a current annualized dividend of $2.382 per share, and an annualized dividend yield of approximately 4.3% based on the last reported sale price of our common stock on the NYSE of $55.79 on January 29, 2016. Although we expect to continue our policy of paying monthly dividends, we cannot guarantee that we will maintain our current level of dividends, that we will continue our pattern of increasing dividends per share, or what our actual dividend yield will be in any future period.
Acquisitions During 2015
During 2015, we invested $1.26 billion in 286 new properties and properties under development or expansion, with an initial weighted average contractual lease rate of 6.6%. The 286 new properties and properties under development or expansion are located in 40 states, will contain approximately 6.2 million leasable square feet, and are 100% leased with a weighted average lease term of 16.5 years. The tenants occupying the new properties operate in 21 industries and the property types consist of 87.3% retail and 12.7% industrial, based on rental revenue. During 2015, none of our real estate investments caused any one tenant to be 10% or more of our total assets at December 31, 2015.
The estimated initial weighted average contractual lease rate for a property is generally computed as estimated contractual net operating income, which, in the case of a net leased property, is equal to the aggregate base rent for the first full year of each lease, divided by the total cost of the property. Since it is possible that a tenant could default on the payment of contractual rent, we cannot provide assurance that the actual return on the funds invested will remain at the percentages listed above.
In the case of a property under development or expansion, the contractual lease rate is generally fixed such that rent varies based on the actual total investment in order to provide a fixed rate of return. When the lease does not provide for a fixed rate of return on a property under development or expansion, the estimated initial weighted average contractual lease rate is computed as follows: estimated net operating income (determined by the lease) for the first full year of each lease, divided by our projected total investment in the property, including land, construction and capitalized interest costs. Of the $1.26 billion we invested during 2015, $45.8 million was invested in 35 properties under development or expansion with an estimated initial weighted average contractual lease rate of 9.7%. We may continue to pursue development or expansion opportunities under similar arrangements in the future.
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Portfolio Discussion
Leasing Results
At December 31, 2015, we had 71 properties available for lease out of 4,538 properties in our portfolio, which represents a 98.4% occupancy rate based on the number of properties in our portfolio. Since December 31, 2014, when we reported 70 properties available for lease out of 4,327 and a 98.4% occupancy rate, we:
· Had 283 lease expirations;
· Re-leased 253 properties; and
· Sold 29 vacant properties.
Of the 253 properties re-leased during 2015, 216 properties were re-leased to existing tenants, seven were re-leased to new tenants without vacancy, and 30 were re-leased to new tenants after a period of vacancy. The annual rent on these 253 leases was $37.46 million, as compared to the previous rent on these same properties of $37.12 million, which represents a rent recapture rate of 100.9% on the properties re-leased during 2015.
At December 31, 2015, our average annualized rental revenue was approximately $13.31 per square foot on the 4,467 leased properties in our portfolio. At December 31, 2015, we classified ten properties with a carrying amount of $9.8 million as held for sale on our balance sheet. The expected disposal of these properties does not represent a strategic shift that will have a major effect on our operations and financial results.
Investments in Existing Properties
In 2015, we capitalized costs of $11.5 million on existing properties in our portfolio, consisting of $748,000 for re-leasing costs, $7.6 million for recurring capital expenditures and $3.2 million for non-recurring building improvements. In 2014, we capitalized costs of $6.0 million on existing properties in our portfolio.
As part of our re-leasing costs, we typically pay leasing commissions and sometimes provide tenant rent concessions. Leasing commissions are paid based on the commercial real estate industry standard and any rent concessions provided are minimal. We do not consider the collective impact of the leasing commissions or tenant rent concessions to be material to our financial position or results of operations.
The majority of our building improvements relate to roof repairs, HVAC improvements, and parking lot resurfacing and replacements. It is not customary for us to offer significant tenant improvements on our properties as tenant incentives. The amounts of our capital expenditures can vary significantly, depending on the rental market, tenant credit worthiness, the lease term and the willingness of tenants to pay higher rents over the terms of the leases.
At-the-Market (ATM) Program
In September 2015, we established an “at the market” equity distribution program, or our ATM program, pursuant to which we can offer and sell up to 12,000,000 shares of common stock to, or through a consortium of banks acting as our sales agents by means of ordinary brokers’ transactions on the NYSE or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices. During 2015, we issued 714,301 shares and raised approximately $36.3 million under the ATM program.
New Credit Facility
In June 2015, we closed on a $2.25 billion unsecured credit facility, or our new credit facility. Our new credit facility is comprised of a $2.0 billion revolving credit facility and a $250 million five-year unsecured term loan. As of December 31, 2015, $1.76 billion was available on our new credit facility to fund additional acquisitions and for other general corporate purposes.
Inclusion in S&P Indices
In January 2015, we were added to the S&P High Yield Dividend Aristocrats® index. In April 2015, we were added to the S&P 500 index and are one of 26 REITs, and the only net lease REIT included in this index.
Issuance of Common Stock
In April 2015, we issued 5,500,000 shares of common stock. After underwriting discounts and other offering costs of $1.4 million, the net proceeds of $276.4 million were used to repay borrowings under our previous $1.5 billion unsecured credit facility.
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In October 2015, we issued 11,500,000 shares of common stock, including 1,500,000 shares purchased by the underwriters upon the exercise of their option to purchase additional shares. After underwriting discounts and other offering costs of $22.0 million, a portion of the net proceeds of $517.1 million was used to repay borrowings under our new credit facility and the remaining portion was used for other general corporate purposes, including acquisitions.
Dividend Reinvestment and Stock Purchase Plan
Our Dividend Reinvestment and Stock Purchase Plan, or the DRSPP, provides our common stockholders, as well as new investors, with a convenient and economical method of purchasing our common stock and reinvesting their distributions. The DRSPP also allows our current stockholders to buy additional shares of common stock by reinvesting all or a portion of their distributions. The DRSPP authorizes up to 26,000,000 common shares to be issued. In 2013, we revised our DRSPP so that we would pay for a majority of the plan-related fees, which were previously paid by investors, and to institute a waiver approval process, allowing larger investors or institutions, per a formal approval process, to purchase shares at a small discount, if approved by us. During 2015, we issued 7,608,354 shares and raised approximately $363.0 million under the DRSPP, of which 7,413,207 shares and $353.7 million was raised under the waiver approval process.
Net Income Available to Common Stockholders
Net income available to common stockholders was $256.7 million in 2015, compared to $227.6 million in 2014, an increase of $29.1 million. On a diluted per common share basis, net income was $1.09 in 2015, as compared to $1.04 in 2014, an increase of $0.05, or 4.8%. Net income available to common stockholders for 2014 includes a non-cash redemption charge of $6.0 million on the shares of Class E preferred stock that were redeemed in October 2014, which represents $0.03 on a diluted per common share basis. This charge is for the excess of redemption value over the carrying value of the Class E preferred stock and represents the original issuance cost that was paid in 2006.
The calculation to determine net income available to common stockholders includes impairments and/or gains from the sale of properties. The amount of impairments and/or gains varies from period to period based on the timing of property sales and can significantly impact net income available to common stockholders.
Gains from the sale of properties during 2015 were $22.2 million, as compared to gains from the sale of properties of $42.1 million during 2014.
Funds from Operations (FFO) Available to Common Stockholders
In 2015, our FFO increased by $89.5 million, or 15.9%, to $652.4 million, compared to $562.9 million in 2014. On a diluted per common share basis, FFO was $2.77 in 2015, compared to $2.58 in 2014, an increase of $0.19, or 7.4%. Our FFO in 2014 included a non-cash redemption charge of $6.0 million on the shares of Class E preferred stock that were redeemed in October 2014, which represents $0.03 on a diluted per common share basis.
Adjusted Funds from Operations (AFFO) Available to Common Stockholders
In 2015, our AFFO increased by $85.3 million, or 15.2%, to $647.0 million versus $561.7 million in 2014. On a diluted per common share basis, AFFO was $2.74 in 2015, compared to $2.57 in 2014, an increase of $0.17, or 6.6%.
See our discussion of FFO and AFFO (which are not financial measures under generally accepted accounting principles, or GAAP), later in the section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” in this annual report, which includes a reconciliation of net income available to common stockholders to FFO and AFFO.
Distributions are paid monthly to holders of shares of our common stock and Class F preferred stock if, and when, declared by our Board of Directors.
Distributions are paid monthly to the limited partners holding common units of Tau Operating Partnership, L.P. and Realty Income, L.P., each on a per unit basis that is generally equal to the amount paid per share to our common stockholders.
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In order to maintain our status as a REIT for federal income tax purposes, we generally are required to distribute dividends to our stockholders aggregating annually at least 90% of our taxable income (excluding net capital gains), and we are subject to income tax to the extent we distribute less than 100% of our taxable income (including net capital gains). In 2015, our cash distributions to preferred and common stockholders totaled $560.3 million, or approximately 136.9% of our estimated taxable income of $409.4 million. Our estimated taxable income reflects non-cash deductions for depreciation and amortization. Our estimated taxable income is presented to show our compliance with REIT dividend requirements and is not a measure of our liquidity or operating performance. We intend to continue to make distributions to our stockholders that are sufficient to meet this dividend requirement and that will reduce or eliminate our exposure to income taxes. Furthermore, we believe our funds from operations are sufficient to support our current level of cash distributions to our stockholders. Our cash distributions to common stockholders in 2015 totaled $533.2 million, representing 82.4% of our adjusted funds from operations available to common stockholders of $647.0 million. In comparison, our 2014 cash distributions to common stockholders totaled $479.3 million, representing 85.3% of our adjusted funds from operations available to common stockholders of $561.7 million.
The Class F preferred stockholders receive cumulative distributions at a rate of 6.625% per annum on the $25.00 per share liquidation preference (equivalent to $1.65625 per annum per share). Dividends on our Class F preferred stock are current.
Future distributions will be at the discretion of our Board of Directors and will depend on, among other things, our results of operations, FFO, AFFO, cash flow from operations, financial condition, capital requirements, the annual distribution requirements under the REIT provisions of the Internal Revenue Code of 1986, as amended, or the Code, our debt service requirements, and any other factors the Board of Directors may deem relevant. In addition, our new credit facility contains financial covenants that could limit the amount of distributions payable by us in the event of a default, and which prohibit the payment of distributions on the common or preferred stock in the event that we fail to pay when due (subject to any applicable grace period) any principal or interest on borrowings under our new credit facility.
Distributions of our current and accumulated earnings and profits for federal income tax purposes generally will be taxable to stockholders as ordinary income, except to the extent that we recognize capital gains and declare a capital gains dividend, or that such amounts constitute “qualified dividend income” subject to a reduced rate of tax. The maximum tax rate of non-corporate taxpayers for “qualified dividend income” is generally 20%. In general, dividends payable by REITs are not eligible for the reduced tax rate on qualified dividend income, except to the extent that certain holding requirements have been met with respect to the REIT’s stock and the REIT’s dividends are attributable to dividends received from certain taxable corporations (such as our taxable REIT subsidiaries) or to income that was subject to tax at the corporate or REIT level (for example, if we distribute taxable income that we retained and paid tax on in the prior taxable year).
Distributions in excess of earnings and profits generally will first be treated as a non-taxable reduction in the stockholders’ basis in their stock, but not below zero. Distributions in excess of that basis generally will be taxable as a capital gain to stockholders who hold their shares as a capital asset. Approximately 23.8% of the distributions to our common stockholders, made or deemed to have been made in 2015, were classified as a return of capital for federal income tax purposes. We estimate that in 2016, between 20% and 35% of the distributions may be classified as a return of capital.
BUSINESS PHILOSOPHY AND STRATEGY
Investment Philosophy
We believe that owning an actively managed, diversified portfolio of commercial properties under long-term, net leases produces consistent and predictable income. A net lease typically requires the tenant to be responsible for monthly rent and certain property operating expenses including property taxes, insurance, and maintenance. In addition, tenants of our properties typically pay rent increases based on: (1) increases in the consumer price index (typically subject to ceilings), (2) fixed increases, or (3) additional rent calculated as a percentage of the tenants’ gross sales above a specified level. We believe that a portfolio of properties under long-term, net leases generally produces a more predictable income stream than many other types of real estate portfolios, while continuing to offer the potential for growth in rental income.
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Diversification is also a key component of our investment philosophy. We believe that diversification of the portfolio by tenant, industry, geography, and, to a certain extent, property type leads to more predictable investment results for our shareholders by reducing vulnerability that can come with any single concentration. Our investment efforts have led to a diversified property portfolio that, as of December 31, 2015, consisted of 4,538 properties located in 49 states and Puerto Rico, leased to 240 different commercial tenants doing business in 47 industries. Each of the 47 industries represented in our property portfolio individually accounted for no more than 10.9% of our rental revenue for the quarter ended December 31, 2015. Since 1970, our occupancy rate at the end of each year has never been below 96%. However, we cannot assure you that our future occupancy levels will continue to equal or exceed 96%.
Investment Strategy
Our investment strategy is to act as a source of capital to regional and national tenants by acquiring and leasing back their real estate locations. When identifying new properties for investment, we generally focus on acquiring the real estate tenants consider important to the successful operation of their business. We generally seek to acquire real estate that has the following characteristics:
· Properties that are freestanding, commercially-zoned with a single tenant;
· Properties that are in significant markets or strategic locations critical to generating revenue for regional and national tenants (i.e. they need the property in which they operate in order to conduct their business);
· Properties that we deem to be profitable for the tenants and/or can generally be characterized as important to the successful operations of the company’s business;
· Properties that are located within attractive demographic areas relative to the business of our tenants, and have good visibility and easy access to major thoroughfares;
· Properties with real estate valuations that approximate replacement costs;
· Properties with rental or lease payments that approximate market rents; and
· Properties that can be purchased with the simultaneous execution or assumption of long-term, net lease agreements, offering both current income and the potential for future rent increases.
We seek to invest in industries in which several, well-organized, regional and national tenants are capturing market share through the selection of prime locations, service, quality control, economies of scale, strong consumer brands, and advertising. In addition, we frequently acquire large portfolios of single-tenant properties net leased to different tenants operating in a variety of industries. We have an internal team dedicated to sourcing such opportunities, often using our relationships with various tenants, owners/developers, and advisers to uncover and secure transactions. We also undertake thorough research and analysis to identify what we consider to be appropriate property locations, tenants, and industries for investment. This research expertise is instrumental to uncovering net lease opportunities in markets where we believe we can add value.
In selecting potential investments, we look for tenants with the following attributes:
· Tenants with reliable and sustainable cash flow;
· Tenants with revenue and cash flow from multiple sources;
· Tenants that are willing to sign a long-term lease (10 or more years); and
· Tenants that are large owners and users of real estate.
From a retail perspective, our investment strategy is to target tenants that have a service, non-discretionary, and/or low-price-point component to their business. We believe these characteristics better position tenants to operate in a variety of economic conditions and to compete more effectively with internet retailers. As a result of the execution of this strategy, over 90% of our annualized retail rental revenue is derived from tenants with a service, non-discretionary, and/or low price point component to their business. From a non-retail perspective, we target industrial properties leased to Fortune 1000, primarily investment grade rated companies. We believe rental revenue generated from businesses with these characteristics is generally more durable and stable.
After applying this investment strategy, we pursue those transactions where we can achieve an attractive investment spread over our cost of capital and favorable risk-adjusted returns.
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Underwriting Strategy
We believe the principal financial obligations for most of our tenants typically include their bank and other debt, payment obligations to suppliers, and real estate lease obligations. Because we typically own the land and building in which a tenant conducts its business or which are critical to the tenant’s ability to generate revenue, we believe the risk of default on a tenant’s lease obligation is less than the tenant’s unsecured general obligations. It has been our experience that tenants must retain their profitable and critical locations in order to survive. Therefore, in the event of reorganization, they are less likely to reject a lease of a profitable or critical location because this would terminate their right to use the property. Thus, as the property owner, we believe that we will fare better than unsecured creditors of the same tenant in the event of reorganization. If a property is rejected by the tenant during reorganization, we own the property and can either lease it to a new tenant or sell the property. In addition, we believe that the risk of default on real estate leases can be further mitigated by monitoring the performance of the tenants’ individual locations and considering whether to proactively sell locations that are weaker performers.
In order to be considered for acquisition, properties must meet stringent investment and credit requirements. The properties must generate attractive current yields and the tenant must meet our credit criteria. We have established a four-part analysis that examines each potential investment based on:
· Overall real estate characteristics, including property value and comparative rental rates;
· Industry, company, market conditions, and credit profile;
· Store profitability for retail locations, if profitability data is available; and
· The importance of the real estate location to the operations of the tenants’ business.
Prior to entering into any transaction, our research department conducts a review of a tenant’s credit quality. The information reviewed may include reports and filings, including any public credit ratings, financial statements, debt and equity analyst reports, and reviews of corporate credit spreads, stock prices, market capitalization, and other financial metrics. We conduct additional due diligence, including additional financial reviews of the tenant and a more comprehensive review of the business segment and industry in which the tenant operates. We continue to monitor our tenants’ credit quality on an ongoing basis by reviewing the available information previously discussed, and providing summaries of these findings to management. We estimate that approximately 44% of our annualized rental revenue comes from properties leased to investment grade rated companies or their subsidiaries. At December 31, 2015, our top 20 tenants represent approximately 55% of our annualized revenue and eight of these tenants have investment grade credit ratings or are subsidiaries of investment grade companies.
Asset Management Strategy
The active management of the property portfolio is an essential component of our long-term strategy. We continually monitor our portfolio for any changes that could affect the performance of our tenants, our tenants’ industries and the locations in which we have invested. We also regularly analyze our portfolio with a view towards optimizing its returns and enhancing its overall credit quality.
We regularly review and analyze:
· The quality of the underlying real estate locations;
· The performance of the various industries of our tenants; and
· The operation, management, business planning, and financial condition of our tenants.
We have an active asset management program that incorporates the sale of assets when we believe the reinvestment of the sale proceeds will:
· Generate higher returns;
· Enhance the credit quality of our real estate portfolio;
· Extend our average remaining lease term; or
· Decrease tenant or industry concentration.
At December 31, 2015, we classified ten properties with a carrying amount of $9.8 million as held for sale on our balance sheet. For 2016, we intend to continue our active disposition efforts to further enhance our real estate portfolio and anticipate $50 to $75 million in property sales in 2016. We intend to invest these proceeds into new property acquisitions, if there are attractive opportunities available. However, we cannot guarantee that we will sell properties during 2016 at our estimated values or be able to invest the property sale proceeds in new properties.
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Capital Philosophy
Historically, we have met our long term capital needs by issuing common stock, preferred stock and long-term unsecured notes and bonds. Over the long-term, we believe that common stock should be the majority of our capital structure; however, we may issue additional preferred stock or debt securities. We may issue common stock when we believe that our share price is at a level that allows for the proceeds of any offering to be accretively invested into additional properties. In addition, we may issue common stock to permanently finance properties that were financed by our new credit facility or debt securities. However, we cannot assure you that we will have access to the capital markets at times and at terms that are acceptable to us.
Our primary cash obligations, for the current year and subsequent years, are included in the “Table of Obligations,” which is presented later in this section. We expect to fund our operating expenses and other short-term liquidity requirements, including property acquisitions and development costs, payment of principal and interest on our outstanding indebtedness, property improvements, re-leasing costs and cash distributions to common and preferred stockholders, primarily through cash provided by operating activities, borrowing on our new credit facility and periodically through public securities offerings.
Conservative Capital Structure
We believe that our stockholders are best served by a conservative capital structure. Therefore, we seek to maintain a conservative debt level on our balance sheet and solid interest and fixed charge coverage ratios. At December 31, 2015, our total outstanding borrowings of senior unsecured notes and bonds, term loans, mortgages payable and credit facility borrowings were $4.85 billion, or approximately 26.6% of our total market capitalization of $18.22 billion.
We define our total market capitalization at December 31, 2015 as the sum of:
· Shares of our common stock outstanding of 250,416,757, plus total common units outstanding of 648,386, multiplied by the last reported sales price of our common stock on the NYSE of $51.63 per share on December 31, 2015, or $12.96 billion;
· Aggregate liquidation value (par value of $25.00 per share) of the Class F preferred stock of $408.8 million;
· Outstanding borrowings of $238.0 million on our new credit facility;
· Outstanding mortgages payable of $637.7 million, excluding net mortgage premiums of $9.1 million;
· Outstanding borrowings of $320.0 million on our term loans; and
· Outstanding senior unsecured notes and bonds of $3.65 billion, excluding unamortized original issuance discounts of $13.3 million.
Impact of Real Estate and Credit Markets
In the commercial real estate market, property prices generally continue to fluctuate. Likewise, during certain periods, the U.S. credit markets have experienced significant price volatility, dislocations, and liquidity disruptions, which may impact our access to and cost of capital. We continually monitor the commercial real estate and U.S. credit markets carefully and, if required, will make decisions to adjust our business strategy accordingly.
Universal Shelf Registration
In December 2015, we filed a shelf registration statement with the SEC, which is effective for a term of three years and will expire in December 2018. This replaced our prior shelf registration statement. In accordance with SEC rules, the amount of securities to be issued pursuant to this shelf registration statement was not specified when it was filed and there is no specific dollar limit. The securities covered by this registration statement include (1) common stock, (2) preferred stock, (3) debt securities, (4) depositary shares representing fractional interests in shares of preferred stock, (5) warrants to purchase debt securities, common stock, preferred stock, or depositary shares, and (6) any combination of these securities. We may periodically offer one or more of these securities in amounts, prices and on terms to be announced when and if these securities are offered. The specifics of any future offerings, along with the use of proceeds of any securities offered, will be described in detail in a prospectus supplement, or other offering materials, at the time of any offering.
$2.0 Billion Revolving Credit Facility
In June 2015, we entered into a new $2 billion unsecured revolving credit facility, which replaced our $1.5 billion credit facility that was scheduled to expire in May 2016. The initial term of our new credit facility expires in June 2019 and includes, at our option, two six-month extensions. Our new credit facility has a $1.0 billion accordion expansion option. Under our new credit facility, our current investment grade credit ratings provide for financing at the London Interbank Offered Rate, commonly referred to as LIBOR, plus 0.9%, with a facility commitment fee of 0.15%, for all-in drawn pricing of 1.05% over LIBOR. The borrowing rate is subject to an interest rate floor. We also have other interest rate options available to us under our new credit facility. Our new credit facility is unsecured and, accordingly, we have not pledged any assets as collateral for this obligation.
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At December 31, 2015, we had a borrowing capacity of $1.76 billion available on our new credit facility and an outstanding balance of $238.0 million. The interest rate on borrowings outstanding under our new credit facility, at December 31, 2015, was 1.2% per annum. We must comply with various financial and other covenants in our credit facility. At December 31, 2015, we remain in compliance with these covenants. We expect to use our new credit facility to acquire additional properties and for other general corporate purposes. Any additional borrowings will increase our exposure to interest rate risk.
We generally use our credit facility for the short-term financing of new property acquisitions. Thereafter, we generally seek to refinance those borrowings with the net proceeds of long-term or permanent financing, which may include the issuance of common stock, preferred stock or debt securities. We cannot assure you, however, that we will be able to obtain any such refinancing, or that market conditions prevailing at the time of the refinancing will enable us to issue equity or debt securities at acceptable terms.
Cash Reserves
We are organized to operate as an equity REIT that acquires and leases properties and distributes to stockholders, in the form of monthly cash distributions, a substantial portion of our net cash flow generated from leases on our properties. We intend to retain an appropriate amount of cash as working capital. At December 31, 2015, we had cash and cash equivalents totaling $40.3 million.
We believe that our cash and cash equivalents on hand, cash provided from operating activities, and borrowing capacity is sufficient to meet our liquidity needs for the next twelve months. We intend, however, to use permanent or long-term capital to fund property acquisitions and to repay future borrowings under our new credit facility.
Credit Agency Ratings
The borrowing interest rates under our new credit facility are based upon our ratings assigned by credit rating agencies. We are currently assigned the following investment grade corporate credit ratings on our senior unsecured notes and bonds: Moody’s Investors Service has assigned a rating of Baa1 with a “stable” outlook, Standard & Poor’s Ratings Group has assigned a rating of BBB+ with a “stable” outlook to our senior notes, and Fitch Ratings has assigned a rating of BBB+ with a “stable” outlook.
Based on our current ratings, the current facility interest rate is LIBOR plus 0.9% with a facility commitment fee of 0.15%, for all-in drawn pricing of 1.05% over LIBOR. Our new credit facility provides that the interest rate can range between: (i) LIBOR plus 1.55% if our credit rating is lower than BBB-/Baa3 or unrated and (ii) LIBOR plus 0.85% if our credit rating is A-/A3 or higher. In addition, our credit facility provides for a facility commitment fee based on our credit ratings, which range from: (i) 0.3% for a rating lower than BBB-/Baa3 or unrated, and (ii) 0.125% for a credit rating of A-/A3 or higher.
We also issue senior debt securities from time to time and our credit ratings can impact the interest rates charged in those transactions. If our credit ratings or ratings outlook change, our cost to obtain debt financing could increase or decrease. The credit ratings assigned to us could change based upon, among other things, our results of operations and financial condition. These ratings are subject to ongoing evaluation by credit rating agencies and we cannot assure you that our ratings will not be changed or withdrawn by a rating agency in the future if, in its judgment, circumstances warrant. Moreover, a rating is not a recommendation to buy, sell or hold our debt securities, preferred stock or common stock.
Notes Outstanding
As of December 31, 2015, we had $3.65 billion of senior unsecured note and bond obligations, excluding unamortized original issuance discounts of $13.3 million. All of our outstanding notes and bonds have fixed interest rates. Interest on all of our senior note and bond obligations is paid semiannually.
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Mortgage Debt
As of December 31, 2015, we had $637.7 million of mortgages payable, all of which were assumed in connection with our property acquisitions. Additionally, at December 31, 2015, we had net premiums totaling $9.1 million on these mortgages. We expect to pay off the mortgages payable as soon as prepayment penalties have declined to a level that would make it economically feasible to do so. During 2015, we made $198.4 million of principal payments, including the repayment of 13 mortgages in full for $191.0 million.
Term Loans
In June 2015, in conjunction with entering into our new credit facility, we entered into a $250 million senior unsecured term loan maturing June 30, 2020. Borrowing under this term loan bears interest at LIBOR, plus 0.95%. In conjunction with this term loan, we also entered into an interest rate swap which effectively fixes our per annum interest rate on this term loan at 2.67%.
In January 2013, in conjunction with our acquisition of American Realty Capital Trust, ARCT, we entered into a $70 million senior unsecured term loan maturing in January 2018. Borrowing under the term loan bears interest at LIBOR, plus 1.20%. In conjunction with this term loan, we also acquired an interest rate swap which effectively fixes our per annum interest rate on this term loan at 2.15%.
No Unconsolidated Investments
We have no unconsolidated investments, nor do we engage in trading activities involving energy or commodity contracts.
Corporate Responsibility
We are committed to providing an engaging, diverse, and safe work environment for our employees, to upholding our corporate responsibilities as a public company operating for the benefit of our shareholders, and to operating our company in an environmentally conscious manner. As The Monthly Dividend Company®, our mission is to provide monthly dividends to our shareholders that increase over time. How we manage and use the physical, financial and talent resources that enable us to achieve this mission, demonstrates our commitment to corporate responsibility.
Social Responsibility and Ethics. An extension of our mission is our commitment to being socially responsible and conducting our business according to the highest ethical standards. Our employees are awarded compensation that is in line with those of our peers and competitors, including generous healthcare benefits for employees and their families; participation in a 401(k) plan with a matching contribution by Realty Income; competitive paid time-off benefits; and an infant-at-work program for new parents. Our employees have access to members of our Board of Directors to report anonymously, if desired, any suspicion of misconduct by any member of our senior management or executive team. We also have a longstanding commitment to equal employment opportunity and adhere to all Equal Employer Opportunity Policy guidelines. We apply the principles of full and fair disclosure in all of our business dealings, as outlined in our Corporate Code of Business Ethics. We are also committed to dealing fairly with all of our customers, suppliers, and competitors.
Realty Income and our employees have taken an active role in supporting our communities through civic involvement with charitable organizations and corporate donation. Focusing our impact on social and environmentally sustainable areas our non-profit partnerships have resulted in 600 employee volunteer hours, employee and corporate donations to fund local affordable housing, educations services to at-risk youth, funding local foodbanks, and toys for under-served children. Our dedication to be a responsible corporate citizen has a direct and positive impact in the communities in which we operate and contributes to the strength of our reputation and our financial performance.
Corporate Governance. We believe that a company’s reputation for integrity and serving its shareholders responsibly is of utmost importance. We are committed to managing the company for the benefit of our shareholders and are focused on maintaining good corporate governance. Practices that illustrate this commitment include:
· Our Board of Directors is comprised of eight directors, seven of which are independent, non-employee directors;
· Our Board of Directors is elected on an annual basis;
· We employ a majority vote standard for uncontested elections;
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· Our Compensation Committee of the Board of Directors works with independent consultants in conducting annual compensation reviews for our key executives, and compensates each individual based on primarily reaching certain performance metrics that determine the success of our company; and
· We adhere to all other corporate governance principles outlined in our “Corporate Governance Guidelines” document on our website.
Environmental Practices. Our focus on conservationism is demonstrated by how we manage our day-to-day activities at our corporate headquarters. At our headquarters, we promote energy efficiency and encourage practices such as powering down office equipment at the end of the day, implementing file-sharing technology and automatic “duplex mode” to limit paper use, adopting an electronic approval system, and carpooling to our headquarters. With respect to technology, recycling and reuse practices, we encourage the use of recycled products and the recycling of materials during our operations. Cell phones, wireless devices and office equipment are recycled or donated whenever possible. In addition, our headquarters was constructed according to the State of California energy efficiency standards (specifically following California Green Building Standards Code and Title 24 of the California Code of Regulations), with features such as an automatic lighting control system with light-harvesting technology, a Building Management System that monitors and controls energy use, an energy-efficient PVC roof and heating and cooling system, and drought-tolerant landscaping with recycled materials.
The properties in our portfolio are net leased to our tenants who are responsible for maintaining the buildings and are in control of their energy usage and environmental sustainability practices. We remain active in working with our tenants to promote environmental responsibility at the properties we own.
PROPERTY PORTFOLIO INFORMATION
At December 31, 2015, of our 4,538 properties, 4,467 were leased under net lease agreements. A net lease typically requires the tenant to be responsible for monthly rent and certain property operating expenses including property taxes, insurance, and maintenance. In addition, our tenants are typically subject to future rent increases based on increases in the consumer price index (typically subject to ceilings), additional rent calculated as a percentage of the tenants’ gross sales above a specified level, or fixed increases.
At December 31, 2015, our 240 commercial tenants, which we define as retailers with over 50 locations and non-retailers with over $500 million in annual revenues, represented approximately 95% of our annualized revenue. We had 279 additional tenants, representing approximately 5% of our annualized revenue at December 31, 2015, which brings our total tenant count to 519 tenants.
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Industry Diversification
The following table sets forth certain information regarding Realty Income’s property portfolio classified according to the business of the respective tenants, expressed as a percentage of our total rental revenue:
Percentage of Rental Revenue(1)
For the
Quarter Ended
For the Years Ended
December 31,
Dec 31,
2015
2014
2013
2012
2011
Retail industries
Apparel stores
2.0%
1.9%
1.7%
1.4%
Automotive collision services
0.9
1.0
0.8
1.1
Automotive parts
1.5
1.4
1.3
1.2
Automotive service
1.9
1.8
2.1
3.1
3.7
Automotive tire services
2.8
2.9
3.2
3.6
4.7
5.6
Book stores
*
0.1
Child care
2.0
2.2
4.5
5.2
Consumer electronics
0.3
0.5
Convenience stores
8.8
9.2
10.1
11.2
16.3
18.5
Crafts and novelties
0.2
Dollar stores
8.9
9.6
6.2
-
Drug stores
10.9
10.6
9.5
8.1
3.5
3.8
Education
0.4
0.7
Entertainment
0.6
Equipment services
Financial services
General merchandise
Grocery stores
3.0
1.6
Health and fitness
8.4
7.7
7.0
6.3
6.8
6.4
Health care
Home furnishings
Home improvement
2.5
2.4
1.7
Jewelry
Motor vehicle dealerships
Office supplies
Pet supplies and services
Restaurants - casual dining
4.3
5.1
7.3
Restaurants - quick service
4.2
4.4
5.9
6.6
Shoe stores
Sporting goods
2.7
Theaters
5.0
5.3
9.4
Transportation services
Wholesale clubs
4.1
3.9
Other
81.4%
81.1%
80.4%
79.8%
86.7%
88.6%
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Industry Diversification (continued)
Non-retail industries
Aerospace
Beverages
3.3
Consumer appliances
Consumer goods
Diversified industrial
Electric utilities
Food processing
Government services
Insurance
Machinery
Other manufacturing
Packaging
Paper
Telecommunications
5.5
18.6%
18.9%
19.6%
20.2%
13.3%
11.4%
Totals
100.0%
* Less than 0.1%
(1) Includes rental revenue for all properties owned by Realty Income at the end of each period presented, including revenue from properties reclassified as discontinued operations. Excludes revenue from properties owned by Crest Net Lease, Inc., or Crest.
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Property Type Composition
The following table sets forth certain property type information regarding Realty Income’s property portfolio as of December 31, 2015 (dollars in thousands):
Approximate
Rental Revenue for
Percentage of
Number of
Leasable
the Quarter Ended
Rental
Property Type
Square Feet
December 31, 2015
(1)
Revenue
Retail
4,378
50,592,800
$
199,518
79.0%
Industrial (2)
101
21,871,200
32,423
12.8
Office
44
3,403,200
15,329
6.1
Agriculture
15
184,500
5,330
4,538
76,051,700
252,600
(1) Includes rental revenue for all properties owned by Realty Income at December 31, 2015. Excludes revenue of $63 from properties owned by Crest and $68 from sold properties that were included in continuing operations.
(2) Includes 14 Industrial properties formerly classified as Manufacturing properties which represent approximately 2% of rental revenue for the quarter ended December 31, 2015. These properties are principally distribution facilities used for light assemblage, processing, and/or storage. We re-classified these properties to our Industrial category to better reflect their use and to clarify the categorization of our properties.
Tenant Diversification
The following table sets forth the largest tenants in Realty Income’s property portfolio, expressed as a percentage of total rental revenue at December 31, 2015:
Tenant
Number of Properties
% of Rental Revenue
Walgreens
176
6.9%
FedEx
39
5.2%
Dollar General
524
4.6%
LA Fitness
4.2%
Dollar Tree / Family Dollar
457
Circle K / The Pantry
302
3.0%
AMC Theaters
20
2.7%
BJ’s Wholesale Clubs
2.6%
Diageo
17
2.4%
Regal Cinemas
23
2.1%
GPM Investments / Fas Mart
217
Rite Aid
68
Northern Tier Retail / SuperAmerica
134
Life Time Fitness
9
CVS Pharmacy
56
TBC Corporation
149
Walmart / Sam’s Club
1.3%
NPC International
202
FreedomRoads / Camping World
18
1.2%
Smart & Final
36
1.1%
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Service Category Diversification for our Retail Properties
The following table sets forth certain information regarding the 4,378 retail properties included in the 4,538 total properties owned by Realty Income at December 31, 2015, classified according to the business types and the level of services they provide at the property level (dollars in thousands):
Retail Rental Revenue
for the Quarter Ended
Retail Rental
Tenants Providing Services
49
2,367
236
4,826
206
5,040
863
10
1,188
310
118
3,256
21,232
10.7
26
1,093
45
12,691
229
8
70
804
53,165
26.7
Tenants Selling Goods and Services
Automotive parts (with installation)
63
1,504
186
7,124
762
22,210
11.1
22
4,047
13
735
298
8,714
498
11,463
5.7
1,842
55,797
28.0
Tenants Selling Goods
28
5,067
78
2,170
1
104
7
803
11
1,175
981
22,120
293
26,119
13.1
71
3,666
7,110
59
1,744
54
5,605
4
175
765
4,390
9,367
1,732
90,556
45.3
Total Retail Properties
Includes rental revenue for all retail properties owned by Realty Income at December 31, 2015. Excludes revenue of $53,085 from non-retail properties, $63 from properties owned by Crest and $68 from sold properties that were included in continuing operations.
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Lease Expirations
The following table sets forth certain information regarding Realty Income’s property portfolio regarding the timing of the lease term expirations (excluding rights to extend a lease at the option of the tenant) on our 4,448 net leased, single-tenant properties as of December 31, 2015 (dollars in thousands):
Total Portfolio(1)
Initial Expirations(3)
Subsequent Expirations(4)
for the
Number
Quarter
% of
of Leases
Approx.
Ended
Total
Expiring
Year
Non-Retail
Sq. Feet
(2)
2016
146
913,200
3,315
1,295
0.5%
83
2,020
0.8%
2017
2,040,400
5,987
2,559
3,428
2018
3,892,100
12,182
4.9
170
8,431
3.4
137
3,751
2019
248
3,878,400
13,359
5.4
174
11,143
84
2,216
2020
184
4,180,700
13,110
114
10,709
82
2,401
2021
252
5,579,900
15,849
13,933
1,916
2022
233
7,456,000
15,104
6.0
220
14,308
796
2023
353
6,458,700
21,920
358
21,028
892
2024
193
4,168,500
11,504
4.6
195
11,222
282
2025
322
16
5,556,000
20,347
8.2
311
19,595
7.9
27
752
2026
243
3,141,500
11,469
234
11,124
345
2027
491
5,443,000
20,453
460
19,064
7.6
34
1,389
2028
287
5,986,900
16,193
6.5
283
15,930
263
2029
396
6,488,200
19,469
7.8
371
19,193
29
276
2030
1,703,100
11,474
11,319
155
2031 - 2043
361
7,467,400
37,706
15.1
342
37,216
14.9
42
490
4,289
159
74,354,000
249,441
3,613
228,069
91.5%
835
21,372
8.5%
(1) Excludes 19 multi-tenant properties and 71 vacant properties. The lease expirations for properties under construction are based on the estimated date of completion of those properties.
(2) Excludes revenue of $3,160 from 19 multi-tenant properties and from 71 vacant properties at December 31, 2015, $68 from sold properties included in continuing operations and $63 from properties owned by Crest.
(3) Represents leases to the initial tenant of the property that are expiring for the first time.
(4) Represents lease expirations on properties in the portfolio, which have previously been renewed, extended or re-tenanted.
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Geographic Diversification
The following table sets forth certain state-by-state information regarding Realty Income’s property portfolio as of December 31, 2015 (dollars in thousands):
Percent
State
Leased
Alabama
99%
1,220,600
4,093
1.6%
Alaska
100
275,900
681
Arizona
109
98
1,611,600
6,227
Arkansas
797,400
1,749
California
167
5,273,700
24,773
9.8
Colorado
99
1,003,000
3,999
Connecticut
24
91
534,900
2,502
Delaware
93,000
495
Florida
329
3,976,700
14,693
5.8
Georgia
239
3,348,000
10,396
Hawaii
--
Idaho
87,000
739
Illinois
161
4,578,500
13,337
Indiana
145
1,456,700
6,955
Iowa
38
95
2,936,000
4,004
Kansas
90
1,643,400
4,166
Kentucky
61
1,023,000
3,744
Louisiana
1,029,500
3,098
Maine
145,300
889
35
861,300
4,485
Massachusetts
96
760,400
3,482
Michigan
148
1,537,200
5,797
2.3
Minnesota
1,376,800
8,215
Mississippi
132
1,608,200
4,116
Missouri
139
2,810,000
8,621
Montana
67,100
190
Nebraska
37
780,400
2,815
Nevada
413,000
773
New Hampshire
315,800
1,475
New Jersey
697,400
4,339
New Mexico
293,200
883
New York
2,422,600
12,310
North Carolina
2,120,900
6,778
North Dakota
66,000
136
Ohio
235
97
6,013,000
13,711
Oklahoma
128
1,532,100
4,015
Oregon
593,400
2,040
Pennsylvania
1,854,500
7,332
Rhode Island
157,200
809
South Carolina
996,000
4,659
South Dakota
152,100
274
Tennessee
221
2,769,700
7,538
Texas
449
8,298,200
23,401
9.1
Utah
890,500
1,975
Vermont
98,000
482
Virginia
143
2,893,300
7,543
Washington
690,800
2,882
West Virginia
272,500
979
Wisconsin
53
1,598,000
3,635
Wyoming
49,600
Puerto Rico
28,300
Totals\Average
98%
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FORWARD-LOOKING STATEMENTS
This Annual Report on Form 10-K, including the documents incorporated by reference, contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended. When used in this annual report, the words “estimated”, “anticipated”, “expect”, “believe”, “intend” and similar expressions are intended to identify forward-looking statements. Forward-looking statements include discussions of strategy, plans, or intentions of management. Forward-looking statements are subject to risks, uncertainties, and assumptions about Realty Income Corporation, including, among other things:
· Our anticipated growth strategies;
· Our intention to acquire additional properties and the timing of these acquisitions;
· Our intention to sell properties and the timing of these property sales;
· Our intention to re-lease vacant properties;
· Anticipated trends in our business, including trends in the market for long-term, net leases of freestanding, single-tenant properties; and
· Future expenditures for development projects.
Future events and actual results, financial and otherwise, may differ materially from the results discussed in the forward-looking statements. In particular, some of the factors that could cause actual results to differ materially are:
· Our continued qualification as a real estate investment trust;
· General business and economic conditions;
· Competition;
· Fluctuating interest rates;
· Access to debt and equity capital markets;
· Continued volatility and uncertainty in the credit markets and broader financial markets;
· Other risks inherent in the real estate business including tenant defaults, potential liability relating to environmental matters, illiquidity of real estate investments, and potential damages from natural disasters;
· Impairments in the value of our real estate assets;
· Changes in the tax laws of the United States of America;
· The outcome of any legal proceedings to which we are a party or which may occur in the future; and
· Acts of terrorism and war.
Additional factors that may cause risks and uncertainties include those discussed in the sections entitled “Business”, “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in this Annual Report.
Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date that this annual report was filed with the Securities and Exchange Commission, or SEC. While forward-looking statements reflect our good faith beliefs, they are not guarantees of future performance. We undertake no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date of this annual report or to reflect the occurrence of unanticipated events. In light of these risks and uncertainties, the forward-looking events discussed in this annual report might not occur.
Item 1A: Risk Factors
This “Risk Factors” section contains references to our “capital stock” and to our “stockholders.” Unless expressly stated otherwise, the references to our “capital stock” represent our common stock and any class or series of our preferred stock, while the references to our “stockholders” represent holders of our common stock and any class or series of our preferred stock.
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In order to grow we need to continue to acquire investment properties. The acquisition of investment properties may be subject to competitive pressures.
We face competition in the acquisition and operation of our properties. We expect competition from:
· Businesses;
· Individuals;
· Fiduciary accounts and plans; and
· Other entities engaged in real estate investment and financing.
Some of these competitors are larger than we are and have greater financial resources. This competition may result in a higher cost for properties we wish to purchase.
Negative market conditions or adverse events affecting our existing or potential tenants, or the industries in which they operate, could have an adverse impact on our ability to attract new tenants, re-lease space, collect rent or renew leases, which could adversely affect our cash flow from operations and inhibit growth.
Cash flow from operations depends in part on our ability to lease space to tenants on economically favorable terms. We could be adversely affected by various facts and events over which we have limited or no control, such as:
· Lack of demand in areas where our properties are located;
· Inability to retain existing tenants and attract new tenants;
· Oversupply of space and changes in market rental rates;
· Declines in our tenants’ creditworthiness and ability to pay rent, which may be affected by their operations, economic downturns and competition within their industries from other operators;
· Defaults by and bankruptcies of tenants, failure of tenants to pay rent on a timely basis, or failure of tenants to comply with their contractual obligations;
· Economic or physical decline of the areas where the properties are located; and
· Deterioration of physical condition of our properties.
At any time, any tenant may experience a downturn in its business that may weaken its operating results or overall financial condition. As a result, a tenant may delay lease commencement, fail to make rental payments when due, decline to extend a lease upon its expiration, become insolvent, or declare bankruptcy. Any tenant bankruptcy or insolvency, leasing delay or failure to make rental payments when due could result in the termination of the tenant’s lease and material losses to us.
If tenants do not renew their leases as they expire, we may not be able to rent or sell the properties. Furthermore, leases that are renewed, and some new leases for properties that are re-leased, may have terms that are less economically favorable than expiring lease terms, or may require us to incur significant costs, such as renovations, tenant improvements, or lease transaction costs. Negative market conditions may cause us to sell vacant properties for less than their carrying value, which could result in impairments. Any of these events could adversely affect cash flow from operations and our ability to make distributions to stockholders and service indebtedness. A significant portion of the costs of owning property, such as real estate taxes, insurance, and maintenance, are not necessarily reduced when circumstances cause a decrease in rental revenue from the properties. In a weakened financial condition, tenants may not be able to pay these costs of ownership and we may be unable to recover these operating expenses from them.
Further, the occurrence of a tenant bankruptcy or insolvency could diminish the income we receive from the tenant’s lease or leases. In addition, a bankruptcy court might authorize the tenant to terminate its leases with us. If that happens, our claim against the bankrupt tenant for unpaid future rent would be subject to statutory limitations that most likely would result in rent payments that would be substantially less than the remaining rent we are owed under the leases or we may elect not to pursue claims against a tenant for terminated leases. In addition, any claim we have for unpaid past rent, if any, may not be paid in full, or at all. Moreover, in the case of a tenant’s leases that are not terminated as the result of its bankruptcy, we may be required or elect to reduce the rent payable under those leases or provide other concessions, reducing amounts we receive under those leases. As a result, tenant bankruptcies may have a material adverse effect on our results of operations. Any of these events could adversely affect our cash flow from operations and our ability to make distributions to stockholders and service our indebtedness.
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Seventy-one of our properties were available for lease or sale at December 31, 2015, all of which were single-tenant properties. At December 31, 2015, forty-six of our properties under lease were unoccupied and available for sublease by the tenants, all of which were current with their rent and other obligations. During 2015, each of our tenants accounted for less than 10% of our rental revenue.
For 2015, our tenants in the “drug store” industry accounted for approximately 10.9% of our rental revenue. A downturn in this industry, whether nationwide or limited to specific sectors of the United States, or a change in legislation relating to prescription drugs, could adversely affect tenants in this industry, which in turn could have a material adverse effect on our financial position, results of operations, our ability to pay the principal of and interest on our debt securities and other indebtedness and to make distributions on our common stock, including the common stock offered hereby, and preferred stock.
Individually, each of the other industries in our property portfolio accounted for less than 10% of our rental revenue for 2015. Nevertheless, downturns in these industries could also adversely affect our tenants, which in turn could also have a material adverse effect on our financial position, results of operations and our ability to pay the principal of and interest on our debt securities and other indebtedness and to make distributions on our common stock, and preferred stock. In addition, we may in the future make additional investments in the “drug store” industry, which would increase this industry’s percentage of our rental revenues, thereby increasing the effect that such a downturn in this industry would have on us.
In addition, some of our properties are leased to tenants that may have limited financial and other resources, and therefore, they are more likely to be adversely affected by a downturn in their respective businesses or in the regional, national, or international economy.
Furthermore, we have made and may continue to make selected acquisitions of properties that fall outside our historical focus on freestanding, single-tenant, net lease locations in the United States. We may be exposed to a variety of new risks by expanding into new property types and/or new jurisdictions outside the United States and properties leased to tenants engaged in non-retail businesses. These risks may include limited experience in managing certain types of new properties, new types of real estate locations and lease structures, and the laws and culture of any non-U.S. jurisdiction.
As a property owner, we may be subject to unknown environmental liabilities.
Investments in real property can create a potential for environmental liability. An owner of property can face liability for environmental contamination created by the presence or discharge of hazardous substances on the property. We can face such liability regardless of:
· Our knowledge of the contamination;
· The timing of the contamination;
· The cause of the contamination; or
· The party responsible for the contamination of the property.
There may be environmental conditions associated with our properties of which we are unaware. In that regard, a number of our properties are leased to operators of convenience stores that sell petroleum-based fuels, as well as to operators of oil change and tune-up facilities and operators that use chemicals and other waste products. These facilities, and some other of our properties, use, or may have used in the past, underground lifts or underground tanks for the storage of petroleum-based or waste products, which could create a potential for the release of hazardous substances.
The presence of hazardous substances on a property may adversely affect our ability to lease or sell that property and we may incur substantial remediation costs or third party liability claims. Although our leases generally require our tenants to operate in compliance with all applicable federal, state, and local environmental laws, ordinances and regulations, and to indemnify us against any environmental liabilities arising from the tenants’ activities on the property, we could nevertheless be subject to liability, including strict liability, by virtue of our ownership interest. There also can be no assurance that our tenants could or would satisfy their indemnification obligations under their leases. The discovery of environmental liabilities attached to our properties could have an adverse effect on our results of operations, our financial condition, or our ability to make distributions to stockholders and to pay the principal of and interest on our debt securities and other indebtedness.
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In addition, several of our properties were built during the period when asbestos was commonly used in building construction and we may acquire other buildings with asbestos in the future. Environmental laws govern the presence, maintenance, and removal of asbestos-containing materials, or ACMs, and require that owners or operators of buildings containing asbestos properly manage and maintain the asbestos, that they adequately inform or train those who may come into contact with asbestos and that they undertake special precautions, including removal or other abatement in the event that asbestos is disturbed during renovation or demolition of a building. These laws may impose fines and penalties on building owners or operators for failure to comply with these requirements and may allow third parties to seek recovery from owners or operators for personal injury associated with exposure to asbestos fibers.
It is possible that our insurance could be insufficient to address any particular environmental situation and/or that, in the future, we could be unable to obtain insurance for environmental matters at a reasonable cost, or at all. Our tenants are generally responsible for, and indemnify us against, liabilities for environmental matters that arise during the lease terms as a result of tenants’ activities on the properties. For properties that have underground storage tanks, in addition to providing an indemnity in our favor, the tenants generally are required to meet applicable state financial assurance obligations, including maintaining certain minimum net worth requirements, obtaining environmental insurance, or relying upon the state trust funds where available in the states where these properties are located to reimburse responsible parties for costs of environmental remediation. However, it is possible that one or more of our tenants could fail to have sufficient funds to cover any such indemnification or to meet applicable state financial assurance obligations, and thus we may still be obligated to pay for any such environmental liabilities.
Compliance. We have not been notified by any governmental authority, and are not otherwise aware, of any material noncompliance, liability, or claim relating to hazardous substances, toxic substances, or petroleum products in connection with any of our properties. In addition, we believe we are in compliance in all material respects with all present federal, state, and local laws relating to ACMs. Nevertheless, if environmental contamination should exist, we could be subject to liability, including strict liability, by virtue of our ownership interest.
Insurance and Indemnity. In July 2012, we entered into a ten-year environmental insurance policy that expires in July 2022 and replaced our previous seven-year environmental insurance policy. The limits on our current policy are $10 million per occurrence and $60 million in the aggregate. The limits on the excess policy are $5 million per occurrence and $10 million in the aggregate. Therefore, the primary and excess ten-year policies together provide a total limit of $15 million per occurrence and $70 million in the aggregate.
It is possible that our insurance could be insufficient to address any particular environmental situation and that, in the future, we could be unable to obtain insurance for environmental matters at a reasonable cost, or at all. Our tenants are generally responsible for, and indemnify us against, liabilities for environmental matters that occur on our properties. For properties that have underground storage tanks, in addition to providing an indemnity in our favor, the tenants generally obtain environmental insurance or rely upon the state funds in the states where these properties are located to reimburse tenants for environmental remediation.
If we fail to qualify as a real estate investment trust, the amount of dividends we are able to pay would decrease, which could adversely affect the market price of our capital stock and could adversely affect the value of our debt securities.
Commencing with our taxable year ended December 31, 1994, we believe that we have been organized and have operated, and we intend to continue to operate, so as to qualify as a REIT under Sections 856 through 860 of the Code. However, we cannot assure you that we have been organized or have operated in a manner that has satisfied the requirements for qualification as a REIT, or that we will continue to be organized or operate in a manner that will allow us to continue to qualify as a REIT.
Qualification as a REIT involves the satisfaction of numerous requirements under highly technical and complex Code provisions, for which there are only limited judicial and administrative interpretations, as well as the determination of various factual matters and circumstances not entirely within our control.
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For example, in order to qualify as a REIT, at least 95% of our gross income in each year must be derived from qualifying sources, and we must pay distributions to stockholders aggregating annually at least 90% of our taxable income (excluding net capital gains).
In the future, it is possible that legislation, new regulations, administrative interpretations, or court decisions will change the tax laws with respect to qualification as a REIT, or the federal income tax consequences of such qualification.
If we fail to satisfy all of the requirements for qualification as a REIT, we may be subject to certain penalty taxes or, in some circumstances, we may fail to qualify as a REIT. If we were to fail to qualify as a REIT in any taxable year:
· We would be required to pay federal income tax (including any applicable alternative minimum tax) on our taxable income at regular corporate rates;
· We would not be allowed a deduction for amounts distributed to our stockholders in computing our taxable income;
· We could be disqualified from treatment as a REIT for the four taxable years following the year during which qualification is lost;
· We would no longer be required to make distributions to stockholders; and
· This treatment would substantially reduce amounts available for investment or distribution to stockholders because of the additional tax liability for the years involved, which could have a material adverse effect on the market price of our capital stock and the value of our debt securities.
Even if we qualify for and maintain our REIT status, we may be subject to certain federal, state, and local taxes on our income and property. For example, if we have net income from a prohibited transaction, that income will be subject to a 100% tax. In addition, our taxable REIT subsidiaries, including Crest, are subject to federal and state taxes at the applicable tax rates on their income and property. Any failure to comply with legal and regulatory tax obligations could adversely affect our ability to conduct business and could adversely affect the market price of our capital stock and the value of our debt securities.
Distribution requirements imposed by law limit our flexibility.
To maintain our status as a REIT for federal income tax purposes, we generally are required to distribute to our stockholders at least 90% of our taxable income, excluding net capital gains, each year. We also are subject to tax at regular corporate rates to the extent that we distribute less than 100% of our taxable income (including net capital gains) each year.
In addition, we are subject to a 4% nondeductible excise tax to the extent that we fail to distribute during any calendar year at least the sum of 85% of our ordinary income for that calendar year, 95% of our capital gain net income for the calendar year, and any amount of that income that was not distributed in prior years.
We intend to continue to make distributions to our stockholders to comply with the distribution requirements of the Code as well as to reduce our exposure to federal income taxes and the nondeductible excise tax. Differences in timing between the receipt of income and the payment of expenses to arrive at taxable income, along with the effect of required debt amortization payments, could require us to borrow funds on a short-term basis to meet the distribution requirements that are necessary to achieve the tax benefits associated with qualifying as a REIT.
Future issuances of equity securities could dilute the interest of holders of our common stock.
Our future growth will depend, in large part, upon our ability to raise additional capital. If we were to raise additional capital through the issuance of equity securities, we could dilute the interests of holders of our common stock. The interests of our common stockholders could also be diluted by the issuance of shares of common stock pursuant to stock incentive plans. Likewise, our Board of Directors is authorized to cause us to issue preferred stock of any class or series (with dividend, voting and other rights as determined by our Board of Directors). Accordingly, our Board of Directors may authorize the issuance of preferred stock with voting, dividend and other similar rights that could dilute, or otherwise adversely affect, the interest of holders of our common stock.
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We may acquire properties or portfolios of properties through tax deferred contribution transactions, which could result in stockholder dilution and limit our ability to sell or refinance such assets.
We have in the past and may in the future acquire properties or portfolios of properties through tax deferred contribution transactions in exchange for partnership units in an operating partnership, which could result in stockholder dilution through the issuance of operating partnership units that, under certain circumstances, may be exchanged for shares of our common stock. This acquisition structure may have the effect of, among other things, reducing the amount of tax depreciation we could deduct over the tax life of the acquired properties, and may require that we agree to restrictions on our ability to dispose of, or refinance the debt on, the acquired properties in order to protect the contributors’ ability to defer recognition of taxable gain. Similarly, we may be required to incur or maintain debt we would otherwise not incur so we can allocate the debt to the contributors to maintain their tax bases. These restrictions could limit our ability to sell or refinance an asset at a time, or on terms, that would be favorable absent such restrictions.
We are subject to risks associated with debt and capital stock financing.
We intend to incur additional indebtedness in the future, including borrowings under our new $2.0 billion unsecured revolving credit facility. At December 31, 2015, we had $238.0 million of outstanding borrowings under our revolving credit facility, a total of $3.65 billion of outstanding unsecured senior debt securities (excluding unamortized original issuance discounts of $13.3 million), $320 million of borrowings outstanding under a senior unsecured term loan and approximately $637.7 million of outstanding mortgage debt (excluding net premiums totaling $9.1 million on these mortgages). To the extent that new indebtedness is added to our current debt levels, the related risks that we now face would increase. As a result, we are and will be subject to risks associated with debt financing, including the risk that our cash flow could be insufficient to make required payments on our debt. We also face variable interest rate risk as the interest rates on our revolving credit facility and some of our mortgage debt are variable and could therefore increase over time. We also face the risk that we may be unable to refinance or repay our debt as it comes due. Given past disruptions in the financial markets and the ongoing global financial crisis, we also face the risk that one or more of the participants in our revolving credit facility may not be able to lend us money.
In addition, our revolving credit facility, our term loan facilities, and mortgage loan documents contain provisions that could limit or, in certain cases, prohibit the payment of dividends and other distributions on our common stock and preferred stock. In particular, our revolving credit facility and our $250 million term loan facility, both of which are governed by the same credit agreement, provide that, if an event of default (as defined in the credit agreement) exists, neither we nor any of our subsidiaries (other than our wholly-owned subsidiaries) may make any dividends or other distributions on (except distributions payable in shares of a given class of our stock to the stockholders of that class), or repurchase or redeem, among other things, any shares of our common stock or preferred stock, during any period of four consecutive fiscal quarters in an aggregate amount in excess of the greater of:
· The sum of (a) 95% of our adjusted funds from operations (as defined in the credit agreement) for that period plus (b) the aggregate amount of cash distributions on our preferred stock for that period, and
· The minimum amount of cash distributions required to be made to our stockholders in order to maintain our status as a REIT for federal income tax purposes and to avoid the payment of any income or excise taxes that would otherwise be imposed under specified sections of the Code on income we do not distribute to our stockholders,
except that we may repurchase or redeem shares of our preferred stock with the net proceeds from the issuance of shares of our common stock or preferred stock. The credit agreement further provides that, in the event of a failure to pay principal, interest or any other amount payable thereunder when due or upon the occurrence of certain events of bankruptcy, insolvency or reorganization with respect to us or with respect to one or more of our subsidiaries that in the aggregate meet a significance test set forth in the credit agreement, we and our subsidiaries (other than our wholly-owned subsidiaries) may not pay any dividends or other distributions on (except for (a) distributions payable in shares of a given class of our stock to the stockholders of that class and (b) dividends and distributions described in the second bullet point above), or repurchase or redeem, among other things, any shares of our common stock or preferred stock. If any such event of default under the credit agreement were to occur, it would likely have a material adverse effect on the market price of our outstanding common stock and preferred stock and on the market value of our debt securities, could limit the amount of dividends or other distributions payable on our common stock and preferred stock or prevent us from paying those dividends or other distributions altogether, and may adversely affect our ability to qualify, or prevent us from qualifying, as a REIT. Likewise, one of our subsidiaries is the borrower under our $70.0 million term loan facility and that facility requires that this subsidiary maintain its consolidated tangible net worth (as defined in the term loan facility) above a certain minimum dollar amount and comply with certain other financial covenants. This minimum consolidated tangible net worth covenant may limit the ability of this subsidiary, as well as other subsidiaries that are owned by this subsidiary, to provide funds to us in order to pay dividends and other distributions on our common stock, including the shares of common stock offered hereby, and preferred stock and amounts due on our indebtedness. Any failure by this subsidiary to comply with these financial covenants will, and any failure by this subsidiary to comply with other covenants in our $70.0 million term loan facility may, result in an event of default under that facility, which could have adverse consequences similar to those that may result from an event of default under our revolving credit facility as described above.
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Our indebtedness could also have other important consequences to holders of our common stock, preferred stock, and debt securities, including:
· Increasing our vulnerability to general adverse economic and industry conditions;
· Limiting our ability to obtain additional financing to fund future working capital, acquisitions, capital expenditures and other general corporate requirements;
· Requiring the use of a substantial portion of our cash flow from operations for the payment of principal and interest on our indebtedness, thereby reducing our ability to use our cash flow to fund working capital, acquisitions, capital expenditures, and general corporate requirements;
· Limiting our flexibility in planning for, or reacting to, changes in our business and our industry; and
· Putting us at a disadvantage compared to our competitors with less indebtedness.
If we default under a credit facility, loan agreement or other debt instrument, the lenders will generally have the right to demand immediate repayment of the principal and interest on all of their loans and, in the case of secured indebtedness, to exercise their rights to seize and sell the collateral.
In addition, we have 16,350,000 shares of Class F preferred stock outstanding, the holders of which are entitled to receive, before any dividends are paid on our common stock, monthly dividends, when, as and if authorized by our board of directors and declared by us, at the rate of $1.65625 per annum per share. As a result, we are subject to risks associated with preferred stock financing, including the risk that our cash flow will be insufficient to pay dividends on our preferred stock.
Our business operations may not generate the cash needed to make distributions on our capital stock or to service our indebtedness.
Our ability to make distributions on our common stock and preferred stock and payments on our indebtedness, and to fund planned acquisitions and capital expenditures will depend on our ability to generate cash in the future. We cannot assure you that our business will generate sufficient cash flow from operations or that future borrowings will be available to us in an amount sufficient to enable us to make distributions on our common stock and preferred stock, to pay our indebtedness, or to fund our other liquidity needs.
The market value of our capital stock and debt securities could be substantially affected by various factors.
The market value of our capital stock and debt securities will depend on many factors, which may change from time to time and may be outside of our control, including:
· Prevailing interest rates, increases in which may have an adverse effect on the market value of our capital stock and debt securities;
· The market for similar securities issued by other REITs;
· General economic and financial market conditions;
· The financial condition, performance and prospects of us, our tenants and our competitors;
· Changes in legal and regulatory taxation obligations;
· Litigation and regulatory proceedings;
· Changes in financial estimates or recommendations by securities analysts with respect to us, our competitors or our industry;
· Changes in our credit ratings; and
· Actual or anticipated variations in quarterly operating results of us and our competitors.
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In addition, over the last several years, prices of common stock and debt securities in the United States, or U.S., trading markets have been experiencing extreme price fluctuations, and the market values of our common stock and debt securities have also fluctuated significantly during this period. As a result of these and other factors, investors who purchase our capital stock and debt securities may experience a decrease, which could be substantial and rapid, in the market value of our capital stock and debt securities, including decreases unrelated to our operating performance or prospects.
Real estate ownership is subject to particular conditions that may have a negative impact on our revenue.
We are subject to all of the inherent risks associated with the ownership of real estate. In particular, we face the risk that rental revenue from our properties may be insufficient to cover all corporate operating expenses, debt service payments on indebtedness we incur, and distributions on our capital stock. Additional real estate ownership risks include:
· Adverse changes in general or local economic conditions;
· Changes in supply of, or demand for, similar or competing properties;
· Changes in interest rates and operating expenses;
· Competition for tenants;
· Changes in market rental rates;
· Inability to lease properties upon termination of existing leases;
· Renewal of leases at lower rental rates;
· Inability to collect rents from tenants due to financial hardship, including bankruptcy;
· Changes in tax, real estate, zoning and environmental laws that may have an adverse impact upon the value of real estate;
· Uninsured property liability;
· Property damage or casualty losses;
· Unexpected expenditures for capital improvements, including requirements to bring properties into compliance with applicable federal, state and local laws;
· The need to periodically renovate and repair our properties;
· Development oriented activities;
· Physical or weather-related damage to properties;
· The potential risk of functional obsolescence of properties over time;
· Acts of terrorism and war; and
· Acts of God and other factors beyond the control of our management.
Real estate property investments are illiquid; therefore, the company may not be able to dispose of properties when desired or on favorable terms.
Real estate investments are relatively illiquid. Our ability to quickly sell or exchange any of our properties in response to changes in economic and other conditions will be limited. No assurances can be given that we will recognize full value, at a price and at terms that are acceptable to us, for any property that we are required to sell for liquidity reasons. Our inability to respond rapidly to changes in the performance of our investments could adversely affect our financial condition and results of operations.
Our acquisition of additional properties may have a significant effect on our business, liquidity, financial position and/or results of operations.
We are engaged in the process of identifying, analyzing, underwriting, and negotiating possible acquisition transactions. We cannot provide any assurances that we will be successful in consummating future acquisitions on favorable terms or that we will realize the benefits that we anticipate from such acquisitions. Our inability to consummate one or more acquisitions on such terms, our failure to adequately underwrite and identify risks and obligations when acquiring properties, or our failure to realize the intended benefits from one or more acquisitions, could have a significant adverse effect on our business, liquidity, financial position and/or results of operations, including as a result of our incurrence of additional indebtedness and related interest expense and our assumption of unforeseen contingent liabilities in connection with completed acquisitions.
An uninsured loss or a loss that exceeds the policy limits on our properties could subject us to lost capital or revenue on those properties.
Under the terms and conditions of the leases currently in force on our properties, tenants generally are required to indemnify and hold us harmless from liabilities resulting from injury to persons, air, water, land or property, due to activities conducted on the properties, except for claims arising from the negligence or intentional misconduct of us or our agents. Additionally, tenants are generally required, at the tenant’s expense, to obtain and keep in full force during the term of the lease, liability and property damage insurance policies. The insurance policies our tenants are required to maintain for property damage are generally in amounts not less than the full replacement cost of the improvements less slab, foundations, supports and other customarily excluded improvements. Our tenants are generally required to maintain general liability coverage depending on the tenant and the industry in which the tenant operates.
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In addition to the indemnities and required insurance policies identified above, many of our properties are also covered by flood and earthquake insurance policies (subject to substantial deductibles) obtained and paid for by the tenants as part of their risk management programs. Additionally, we have obtained blanket liability, flood and earthquake (subject to substantial deductibles) and property damage insurance policies to protect us and our properties against loss should the indemnities and insurance policies provided by the tenants fail to restore the properties to their condition prior to a loss. However, should a loss occur that is uninsured or in an amount exceeding the combined aggregate limits for the policies noted above, or in the event of a loss that is subject to a substantial deductible under an insurance policy, we could lose all or part of our capital invested in, and anticipated revenue from, one or more of the properties, which could have a material adverse effect on our results of operations or financial condition and on our ability to pay the principal of and interest on our debt securities and other indebtedness and to make distributions to our stockholders. We also face the risk that our insurance carriers may not be able to provide payment under any potential claims that might arise under the terms of our insurance policies, and we may not have the ability to purchase insurance policies we desire.
In addition, although we obtain title insurance policies of our properties to protect us and our properties against unknown title defects (such as claims of ownership, liens or other encumbrances), there may be certain title defects that our title insurance will not cover. If a material title defect related to any of our properties is not adequately covered by a title insurance policy, we could lose some or all of our capital invested in and our anticipated profits from such property, cause a financial misstatement or lead to reputational damage to the company.
Compliance with the Americans with Disabilities Act of 1990 and fire, safety, and other regulations may require us to make unintended expenditures that could adversely impact our results of operations.
Our properties are generally required to comply with the Americans with Disabilities Act of 1990, or the ADA. The ADA has separate compliance requirements for “public accommodations” and “commercial facilities,” but generally requires that buildings be made accessible to people with disabilities. Compliance with the ADA requirements could require removal of access barriers and non-compliance could result in imposition of fines by the U.S. government or an award of damages to private litigants. The retailers to whom we lease properties are obligated by law to comply with the ADA provisions, and we believe that these retailers may be obligated to cover costs associated with compliance. If required changes involve greater expenditures than anticipated, or if the changes must be made on a more accelerated basis than anticipated, the ability of these retailers to cover costs could be adversely affected and we could be required to expend our own funds to comply with the provisions of the ADA, which could materially adversely affect our results of operations or financial condition and our ability to pay the principal of and interest on our debt securities and other indebtedness and to make distributions to our stockholders. In addition, we are required to operate our properties in compliance with fire and safety regulations, building codes and other land use regulations, as they may be adopted by governmental agencies and bodies and become applicable to our properties. We may be required to make substantial capital expenditures to comply with those requirements and these expenditures could have a material adverse effect on our results of operations or financial condition and our ability to pay the principal of and interest on our debt securities and other indebtedness and to make distributions to our stockholders.
Litigation risks could affect our business.
From time to time, we are involved in legal proceedings, lawsuits, and other claims. An unfavorable resolution of litigation may have a material adverse effect on our business, results of operations and financial condition. Regardless of its outcome, litigation may result in substantial costs and expenses and significantly divert the attention of management.
Property taxes may increase without notice.
The real property taxes on our properties and any other properties that we develop or acquire in the future may increase as property tax rates change and as those properties are assessed or reassessed by tax authorities.
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We depend on key personnel.
We depend on the efforts of our executive officers and key employees. The loss of the services of our executive officers and key employees could have a material adverse effect on our results of operations or financial condition and on our ability to pay the principal and interest on our debt securities and other indebtedness and to make distributions to our stockholders. It is possible that we will not be able to recruit additional personnel with equivalent experience in the net lease industry.
Natural disasters, terrorist attacks, other acts of violence or war, or other unexpected events may affect the value of our debt and equity securities, the markets in which we operate and our results of operations.
Natural disasters, terrorist attacks, other acts of violence or war, or other unexpected events may negatively affect our operations, the market price of our capital stock and the value of our debt securities. There can be no assurance that events like these will not occur or have a direct impact on our tenants, our business or the United States generally.
If events like these were to occur, they could materially interrupt our business operations, cause consumer confidence and spending to decrease or result in increased volatility in the U.S. and worldwide financial markets and economy. They also could result in or prolong an economic recession in the U.S. or abroad. Any of these occurrences could have a significant adverse impact on our operating results and revenues and on the market price of our capital stock and on the value of our debt securities. It could also have an adverse effect on our ability to pay principal and interest on our debt securities or other indebtedness and to make distributions to our stockholders.
We rely on information technology in our operations, and any material failure, inadequacy, interruption or security failure of that technology could harm our business.
We rely on information technology networks and systems, including the Internet, to process, transmit and store electronic information and to manage or support a variety of our business processes, including financial transactions and maintenance of records, which may include personal identifying information. Although we have taken steps to protect the security of the data maintained in our information systems, our security measures may not be able to prevent the systems’ improper functioning, or the theft of intellectual property, personal information, or personal property, such as in the event of cyber-attacks. Any failure to maintain proper function, security and availability of our information systems could interrupt our operations, result in theft of company assets, damage our reputation, subject us to liability claims and could adversely affect our business, financial condition and results of operations.
Disruptions in the financial markets could affect our ability to obtain financing on reasonable terms and have other adverse effects on us and the market price of our common stock.
Over the last several years, the United States stock and credit markets have experienced significant price volatility, dislocations and liquidity disruptions, which have caused market prices of many stocks and debt securities to fluctuate substantially and the spreads on prospective debt financings to widen considerably. In addition, the ongoing global financial crisis (which includes concerns that certain European countries may be unable to pay their national debt) has had a similar effect. These circumstances have materially impacted liquidity in the financial markets, making terms for certain financings less attractive, and in certain cases have resulted in the unavailability of certain types of financing. Unrest in certain Middle Eastern countries and resultant fluctuation in petroleum prices have added to the uncertainty in the capital markets. Continued uncertainty in the stock and credit markets may negatively impact our ability to access additional financing at reasonable terms, which may negatively affect our ability to make acquisitions. A prolonged downturn in the stock or credit markets may cause us to seek alternative sources of potentially less attractive financing, and may require us to adjust our business plan accordingly. In addition, these factors may make it more difficult for us to sell properties or may adversely affect the price we receive for properties that we do sell, as prospective buyers may experience increased costs of financing or difficulties in obtaining financing. These events in the stock and credit markets may make it more difficult or costly for us to raise capital through the issuance of our common stock or preferred stock or debt securities. These disruptions in the financial markets also may have a material adverse effect on the market value of our common stock, preferred stock and debt securities, the income we receive from our properties and the lease rates we can charge for our properties, as well as other unknown adverse effects on us or the economy in general.
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Inflation may adversely affect our financial condition and results of operations.
Although inflation has not materially impacted our results of operations in the recent past, increased inflation could have a more pronounced negative impact on any variable rate debt we incur in the future and on our results of operations. During times when inflation is greater than increases in rent, as provided for in our leases, rent increases may not keep up with the rate of inflation. Likewise, even though net leases reduce our exposure to rising property expenses due to inflation, substantial inflationary pressures and increased costs may have an adverse impact on our tenants if increases in their operating expenses exceed increases in revenue, which may adversely affect the tenants’ ability to pay rent.
Current volatility in market and economic conditions may impact the accuracy of the various estimates used in the preparation of our financial statements and footnotes to the financial statements.
Various estimates are used in the preparation of our financial statements, including estimates related to asset and liability valuations (or potential impairments), and various receivables. Often these estimates require the use of market data values that are currently difficult to assess, as well as estimates of future performance or receivables collectability that can also be difficult to accurately predict. Although management believes it has been prudent and used reasonable judgment in making these estimates, it is possible that actual results may differ from these estimates.
Inherent limitations of internal controls over financial statements and safeguarding of assets may adversely impact our financial condition and results of operations.
Our internal controls over financial reporting and our operating internal controls may not prevent or detect financial misstatements or loss of assets because of inherent limitations, including the possibility of human error, the circumvention or overriding of controls, or fraud. Effective internal controls can provide only reasonable assurance with respect to financial statement accuracy and safeguarding of assets. Any failure of these internal controls could result in decreased investor confidence in the accuracy and completeness of our financial reports, civil litigation or investigations by the NYSE, the SEC or other regulatory authorities, which may adversely impact our financial condition and results of operations.
Changes in accounting standards may adversely impact our financial condition and results of operations.
The Financial Accounting Standards Board, or FASB, in conjunction with the SEC, has several key projects on their agenda that could impact how we currently account for our material transactions, including lease accounting and other convergence projects with the International Accounting Standards Board. At this time, we are unable to predict with certainty which, if any, proposals may be passed or what level of impact any such proposal could have on the presentation of our consolidated financial statements, our results of operations and our financial ratios required by our debt covenants.
Our business could be negatively affected as a result of actions of activist stockholders and shareholder advisory firms.
Campaigns by stockholders to effect changes at publicly traded companies are sometimes led by investors seeking to increase short-term stockholder value through actions such as financial restructuring, increased debt, special dividends, stock repurchases or sales of assets or the entire company. If we become engaged in a process or proxy contest with an activist stockholder in the future, our business could be adversely affected, as such activities could be costly and time-consuming, disrupt our operations and divert the attention of management and our employees from executing our business plan. Additionally, perceived uncertainties as to our future direction as a result of stockholder activism or actual or potential changes to the composition of our Board of Directors or management team may lead to the perception of a change in the direction of our business, instability or lack of continuity, which may be exploited by our competitors, cause concern to current or potential sellers of properties, tenants and financing sources, and make it more difficult to attract and retain qualified personnel. If potential or existing sellers of properties, tenants or financing sources choose to delay, defer or reduce transactions with us or transact with our competitors instead of us because of any such issues, then our results of operations could be adversely affected. Similarly, we may suffer damage to our reputation (for example, regarding our corporate governance or stockholder relations) or brand by way of actions taken or statements made by outside constituents, including activist investors and shareholder advisory firms, which could adversely affect the market price of our common stock and preferred stock and the value of our debt securities, including the notes, resulting in significant loss of value, which could impact our ability to access capital, increase our cost of capital, and decrease our ability to acquire properties on attractive terms.
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Our charter contains restrictions upon ownership of our common stock.
Our charter contains restrictions on ownership and transfer of our common stock intended to, among other purposes, assist us in maintaining our status as a REIT for United States federal and/or state income tax purposes. For example, our charter restricts any person from acquiring actual or constructive ownership of more than 9.8% (in value or number of shares, whichever is more restrictive) of our outstanding common stock. These restrictions could have anti-takeover effects and could reduce the possibility that a third party will attempt to acquire control of us, which could adversely affect the market price of our common stock.
Item 1B: Unresolved Staff comments
There are no unresolved staff comments.
Item 2: Properties
Information pertaining to our properties can be found under Item 1.
Item 3: Legal Proceedings
We are subject to certain claims and lawsuits in the ordinary course of business, the outcome of which cannot be determined at this time. In the opinion of management, any liability we might incur upon the resolution of these claims and lawsuits will not, in the aggregate, have a material adverse effect on our consolidated financial position or results of operations.
Item 4: Mine Safety Disclosures
None.
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Item 5: Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
A. Our common stock is traded on the NYSE under the ticker symbol “O.” The following table shows the high and low sales prices per share for our common stock as reported by the NYSE, and distributions declared per share of common stock for the periods indicated.
Price Per Share
of Common Stock
Distributions
High
Low
Declared (1)
First Quarter
52.41
45.65
0.5675000
Second Quarter
48.88
43.15
0.5690000
Third Quarter
52.66
44.23
0.5705000
Fourth Quarter
55.54
47.95
0.5720000
2.2790000
45.11
37.01
0.5468126
44.98
40.21
0.5477501
45.83
40.56
0.5486876
49.65
40.71
0.5496251
2.1928754
(1) Common stock cash distributions are declared monthly by us based on financial results for the prior months. At December 31, 2015, a distribution of $0.191 per common share had been declared and was paid in January 2016.
B. There were 10,051 registered holders of record of our common stock as of December 31, 2015. We estimate that our total number of shareholders is over 354,000 when we include both registered and beneficial holders of our common stock.
C. During the fourth quarter of 2015, 225 shares of stock, at a price of $49.61, and 18,645 shares of stock, at a price of $51.63, were withheld for state and federal payroll taxes on the vesting of employee stock awards, as permitted under the 2012 Incentive Award Plan of Realty Income Corporation.
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Item 6: Selected Financial Data
(not covered by Report of Independent Registered Public Accounting Firm)
(dollars in thousands, except for per share data)
As of or for the years ended December 31,
Total assets (book value)
11,865,870
11,012,622
9,924,441
5,429,348
4,404,492
Cash and cash equivalents
40,294
3,852
10,257
5,248
4,165
Total debt
4,841,486
4,930,947
4,166,840
2,869,853
2,040,284
Total liabilities
5,312,537
5,371,523
4,503,083
3,016,554
2,149,638
Total equity
6,553,333
5,641,099
5,421,358
2,412,794
2,254,854
Net cash provided by operating activities
692,303
627,692
518,906
326,469
298,952
Net change in cash and cash equivalents
36,442
(6,405
)
5,009
1,083
(13,442
Total revenue
1,023,285
933,505
780,209
484,581
413,544
Income from continuing operations
284,855
269,140
180,613
141,895
140,659
Income from discontinued operations
2,800
65,670
17,257
16,373
Net income
271,940
246,283
159,152
157,032
Preferred stock dividends
(27,080
(37,062
(41,930
(40,918
(24,253
Excess of redemption value over carrying value of preferred shares redeemed
(6,015
(3,696
Net income available to common stockholders
256,686
227,558
203,634
114,538
132,779
Cash distributions paid to common stockholders
533,238
479,256
409,222
236,348
219,297
Basic and diluted net income per common share
1.09
1.04
1.06
0.86
1.05
Cash distributions paid per common share
2.271417
2.191625
2.147459
1.771625
1.736625
Cash distributions declared per common share
2.279000
2.192875
2.177875
1.777875
1.737875
Basic weighted average number of common shares outstanding
235,767,932
218,390,885
191,754,857
132,817,472
126,142,696
Diluted weighted average number of common shares outstanding
236,208,390
218,767,885
191,781,622
132,884,933
126,189,399
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Item 7: Management’s Discussion and Analysis of Financial Condition and Results of Operations
GENERAL
LIQUIDITY AND CAPITAL RESOURCES
Historically, we have met our long-term capital needs by issuing common stock, preferred stock and long-term unsecured notes and bonds. Over the long term, we believe that common stock should be the majority of our capital structure; however, we may issue additional preferred stock or debt securities. We may issue common stock when we believe that our share price is at a level that allows for the proceeds of any offering to be accretively invested into additional properties. In addition, we may issue common stock to permanently finance properties that were financed by our credit facility or debt securities. However, we cannot assure you that we will have access to the capital markets at times and at terms that are acceptable to us.
Our primary cash obligations, for the current year and subsequent years, are included in the “Table of Obligations,” which is presented later in this section. We expect to fund our operating expenses and other short-term liquidity requirements, including property acquisitions and development costs, payment of principal and interest on our outstanding indebtedness, property improvements, re-leasing costs and cash distributions to common and preferred stockholders, primarily through cash provided by operating activities, borrowing on our new $2.0 billion credit facility and periodically through public securities offerings.
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As of December 31, 2015, we had $637.7 million of mortgages payable, all of which were assumed in connection with our property acquisitions. Additionally, at December 31, 2015, we had net premiums totaling $9.1 million on these mortgages. We expect to pay off the mortgages payable as soon as prepayment penalties have declined to a level that will make it economically feasible to do so. During 2015, we made $198.4 million of principal payments, including the repayment of 13 mortgages in full for $191.0 million.
In June 2015, in conjunction with entering into our new credit facility, we entered into a $250 million senior unsecured term loan maturing June 30, 2020. Borrowing under this term loan bears interest at the current one month LIBOR, plus 0.95%. In conjunction with this term loan, we also entered into an interest rate swap which effectively fixes our per annum interest rate on this term loan at 2.67%.
In January 2013, in conjunction with our acquisition of ARCT, we entered into a $70 million senior unsecured term loan maturing in January 2018. Borrowing under the term loan bears interest at LIBOR, plus 1.20%. In conjunction with this term loan, we also acquired an interest rate swap which effectively fixes our per annum interest rate on this term loan at 2.15%.
In June 2015, we entered into a new $2 billion unsecured revolving credit facility, or our new credit facility, which replaced our $1.5 billion credit facility that was scheduled to expire in May 2016. The initial term of our new credit facility expires in June 2019 and includes, at our option, two six-month extensions. Our new credit facility has a $1.0 billion accordion expansion option. Under our new credit facility, our current investment grade credit ratings provide for financing at LIBOR, plus 0.9% with a facility commitment fee of 0.15%, for all-in drawn pricing of 1.05% over LIBOR. The borrowing rate is subject to an interest rate floor. We also have other interest rate options available to us under our new credit facility. Our new credit facility is unsecured and, accordingly, we have not pledged any assets as collateral for this obligation.
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0.1834167
0.0003125
0.1910000
0.1985000
0.0075000
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Our senior unsecured note and bond obligations consist of the following as of December 31, 2015, sorted by maturity date (dollars in millions):
5.95% notes, issued in September 2006 and due in September 2016
275
5.375% notes, issued in September 2005 and due in September 2017
2.0% notes, issued in October 2012 and due in January 2018
350
6.75% notes, issued in September 2007 and due in August 2019
550
5.75% notes, issued in June 2010 and due in January 2021
250
3.25% notes, issued in October 2012 and due in October 2022
450
4.65% notes, issued in July 2013 and due in August 2023
750
3.875% notes, issued in June 2014 and due in July 2024
4.125% notes, issued in September 2014 and due in October 2026
5.875% bonds, $100 issued in March 2005 and $150 issued in June 2011, both due in March 2035
Total principal amount
3,650
Unamortized original issuance discounts
(13
3,637
All of our outstanding notes and bonds have fixed interest rates and contain various covenants, which we remain in compliance with at December 31, 2015. Additionally, interest on all of our senior note and bond obligations is paid semiannually.
The following is a summary of the key financial covenants for our senior unsecured notes, as defined and calculated per the terms of our senior notes and bonds. These calculations, which are not based on U.S. GAAP measurements, are presented to investors to show our ability to incur additional debt under the terms of our senior notes and bonds as well as to disclose our current compliance with such covenants, and are not measures of our liquidity or performance. The actual amounts as of December 31, 2015 are:
Note Covenants
Required
Actual
Limitation on incurrence of total debt
< 60% of adjusted assets
39.0%
Limitation on incurrence of secured debt
< 40% of adjusted assets
Debt service coverage (trailing 12 months)(1)
> 1.5 x
4.5x
Maintenance of total unencumbered assets
> 150% of unsecured debt
266.8%
(1) This covenant is calculated on a pro forma basis for the preceding four-quarter period on the assumptions that: (i) the incurrence of any Debt (as defined in the covenants) incurred by us since the first day of such four-quarter period and the application of the proceeds therefrom (including to refinance other Debt since the first day of such four-quarter period), (ii) the repayment or retirement of any of our Debt since the first day of such four-quarter period, and (iii) any acquisition or disposition by us of any asset or group since the first day of such four quarters had in each case occurred on January 1, 2015, and subject to certain additional adjustments. Such pro forma ratio has been prepared on the basis required by that debt service covenant, reflects various estimates and assumptions and is subject to other uncertainties, and therefore does not purport to reflect what our actual debt service coverage ratio would have been had transactions referred to in clauses (i), (ii) and (iii) of the preceding sentence occurred as of January 1, 2015, nor does it purport to reflect our debt service coverage ratio for any future period. The following is our calculation of debt service coverage at December 31, 2015 (in thousands, for trailing twelve months):
Net income attributable to the Company
283,766
Plus: interest expense
224,344
Plus: provision for taxes
3,169
Plus: depreciation and amortization
409,215
Plus: provisions for impairment
10,560
Plus: pro forma adjustments
35,457
Less: gain on sales of real estate
(22,243)
Income available for debt service, as defined
944,268
Total pro forma debt service charge
211,384
Debt service coverage ratio
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Fixed Charge Coverage Ratio
Fixed charge coverage ratio is calculated in exactly the same manner as the debt service coverage ratio, except that preferred stock dividends are also added to the denominator. Similar to debt service coverage ratio, we consider fixed charge coverage ratio to be an appropriate supplemental measure of a company’s ability to make its interest and preferred stock dividend payments. Our calculations of both debt service and fixed charge coverage ratios may be different from the calculations used by other companies and, therefore, comparability may be limited. The presentation of debt service and fixed charge coverage ratios should not be considered as alternatives to any U.S. GAAP operating performance measures. Below is our calculation of fixed charges at December 31, 2015 (in thousands, for the trailing twelve months):
Pro forma debt service charge plus preferred stock dividends
238,464
Fixed charge coverage ratio
4.0
Table of Obligations
The following table summarizes the maturity of each of our obligations as of December 31, 2015 (dollars in millions):
Ground
Leases
Notes
Paid by
Year of
Credit
and
Term
Mortgages
Realty
Our
Maturity
Facility
Bonds
Loan
Payable
(3)
Interest
(4)
Income
(5)
Tenants
(6)
(7)
275.0
170.1
205.1
13.3
71.4
736.4
175.0
142.9
180.1
512.8
350.0
70.0
15.5
161.7
612.1
238.0
550.0
26.3
145.0
13.2
973.9
250.0
82.4
117.5
13.0
464.3
Thereafter
2,300.0
200.5
451.8
23.3
119.0
3,094.6
3,650.0
320.0
637.7
1,261.2
30.7
185.1
6,394.1
(1) The initial term of the credit facility expires in June 2019 and includes, at our option, two six-month extensions.
(2) Excludes non-cash original issuance discounts recorded on the notes payable. The unamortized balance of the original issuance discounts at December 31, 2015, is $13.3 million.
(3) Excludes non-cash net premiums recorded on the mortgages payable. The unamortized balance of these net premiums at December 31, 2015, is $9.1 million.
(4) Interest on the term loans, notes, bonds, mortgages payable, and credit facility has been calculated based on outstanding balances as of December 31, 2015 through their respective maturity dates.
(5) Realty Income currently pays the ground lessors directly for the rent under the ground leases.
(6) Our tenants, who are generally sub-tenants under ground leases, are responsible for paying the rent under these ground leases. In the event a tenant fails to pay the ground lease rent, we are primarily responsible.
(7) “Other” consists of $70.6 million of commitments under construction contracts and $714,000 of commitments for tenant improvements and leasing costs.
Our new credit facility, term loans, and notes payable obligations are unsecured. Accordingly, we have not pledged any assets as collateral for these obligations.
Preferred Stock and Preferred Units Outstanding
In 2006, we issued 8,800,000 shares of Class E preferred stock at a price of $25.00 per share. In October 2014, we redeemed all of the 8,800,000 shares of our Class E preferred stock for $25.00 per share, plus accrued dividends. In the third quarter of 2014, we incurred a charge of $6.0 million, representing the Class E preferred stock original issuance costs that we paid in 2006.
In February 2012, we issued 14,950,000 shares of our Class F preferred stock at $25.00 per share. In April 2012, we issued an additional 1,400,000 shares of Class F preferred stock at $25.2863 per share. Beginning February 15, 2017, shares of our Class F preferred stock are redeemable at our option for $25.00 per share, plus any accrued and unpaid dividends. Dividends on the shares of our Class F preferred stock are paid monthly in arrears. We are current on our obligations to pay dividends on our Class F preferred stock.
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As part of our acquisition of ARCT in January 2013, we issued 6,750 partnership units, with a carrying value of $6.75 million. Payments on these preferred units were made monthly in arrears at rate of 2% per annum, or $135,000, and are included in interest expense. In January 2015, we redeemed all 6,750 Tau Operating Partnership preferred units for $1,000 per unit, plus accrued and unpaid distributions.
RESULTS OF OPERATIONS
Critical Accounting Policies
Our consolidated financial statements have been prepared in accordance with GAAP, and are the basis for our discussion and analysis of financial condition and results of operations. Preparing our consolidated financial statements requires us to make a number of estimates and assumptions that affect the reported amounts and disclosures in the consolidated financial statements. We believe that we have made these estimates and assumptions in an appropriate manner and in a way that accurately reflects our financial condition. We continually test and evaluate these estimates and assumptions using our historical knowledge of the business, as well as other factors, to ensure that they are reasonable for reporting purposes. However, actual results may differ from these estimates and assumptions. This summary should be read in conjunction with the more complete discussion of our accounting policies and procedures included in note 2 to our consolidated financial statements.
In order to prepare our consolidated financial statements according to the rules and guidelines set forth by GAAP, many subjective judgments must be made with regard to critical accounting policies. One of these judgments is our estimate for useful lives in determining depreciation expense for our properties. Depreciation on a majority of our buildings and improvements is computed using the straight-line method over an estimated useful life of 25 to 35 years for buildings and 4 to 20 years for improvements, which we believe are appropriate estimates of useful life. If we use a shorter or longer estimated useful life, it could have a material impact on our results of operations.
Management must make significant assumptions in determining the fair value of assets acquired and liabilities assumed. When acquiring a property for investment purposes, we typically allocate the fair value of real estate acquired to: (1) land, (2) building and improvements, and (3) identified intangible assets and liabilities, based in each case on their estimated fair values. Intangible assets and liabilities consist of above-market or below-market lease value of in-place leases, the value of in-place leases, and tenant relationships, as applicable. In an acquisition of multiple properties, we must also allocate the purchase price among the properties. The allocation of the purchase price is based on our assessment of estimated fair value and is often based upon the expected future cash flows of the property and various characteristics of the market where the property is located. In addition, any assumed mortgages receivable or payable and any assumed or issued noncontrolling interests are recorded at their estimated fair values. The estimated fair values of our mortgages payable have been calculated by discounting the future cash flows using applicable interest rates that have been adjusted for factors, such as industry type, tenant investment grade, maturity date, and comparable borrowings for similar assets. The initial allocation of the purchase price is based on management’s preliminary assessment, which may differ when final information becomes available. Subsequent adjustments made to the initial purchase price allocation are made within the allocation period, which does not exceed one year. The use of different assumptions in the allocation of the purchase price of the acquired properties and liabilities assumed could affect the timing of recognition of the related revenue and expenses.
Another significant judgment must be made as to if, and when, impairment losses should be taken on our properties when events or a change in circumstances indicate that the carrying amount of the asset may not be recoverable. A provision is made for impairment if estimated future operating cash flows (undiscounted and without interest charges) plus estimated disposition proceeds (undiscounted) are less than the current book value of the property. Key inputs that we utilize in this analysis include projected rental rates, estimated holding periods, historical sales and releases, capital expenditures, and property sales capitalization rates. If a property is held for sale, it is carried at the lower of carrying cost or estimated fair value, less estimated cost to sell. The carrying value of our real estate is the largest component of our consolidated balance sheets. Our strategy of primarily holding properties, long-term, directly decreases the likelihood of their carrying values not being recoverable, thus requiring the recognition of an impairment. However, if our strategy, or one or more of the above assumptions were to change in the future, an impairment may need to be recognized. If events should occur that require us to reduce the carrying value of our real estate by recording provisions for impairment, they could have a material impact on our results of operations.
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The following is a comparison of our results of operations for the years ended December 31, 2015, 2014 and 2013.
Rental Revenue
Rental revenue was $976.9 million for 2015, as compared to $893.5 million for 2014, an increase of $83.4 million, or 9.3%. Rental revenue was $748.2 million for 2013. The increase in rental revenue in 2015 compared to 2014 is primarily attributable to:
· The 248 properties (5.6 million square feet) we acquired in 2015, which generated $41.9 million of rent in 2015;
· The 479 properties (9.3 million square feet) we acquired in 2014, which generated $99.3 million of rent in 2015, compared to $65.9 million in 2014, an increase of $33.4 million;
· Same store rents generated on 3,636 properties (58.1 million square feet) during 2015 and 2014, increased by $10.2 million, or 1.3%, to $794.4 million from $784.2 million;
· A net increase in straight-line rent and other non-cash adjustments to rent of $4.0 million in 2015 as compared to 2014;
· A net decrease of $8.4 million relating to properties sold in 2015 and during 2014 that were reported in continuing operations; and
· A net increase of $2.3 million relating to the aggregate of (i) rental revenue from properties (137 properties comprising 1.2 million square feet) that were available for lease during part of 2015 or 2014, (ii) rental revenue for 22 properties under development, and (iii) lease termination settlements. In aggregate, the revenues for these items totaled $26.5 million in 2015, compared to $24.2 million in 2014.
For purposes of determining the same store rent property pool, we include all properties that were owned for the entire year-to-date period, for both the current and prior year, except for properties during the current or prior year that; (i) were vacant at any time, (ii) were under development or redevelopment, and (iii) were involved in eminent domain and rent was reduced. Each of the exclusions from the same store pool are separately addressed within the applicable sentences above, explaining the changes in rental revenue for the period.
Of the 4,538 properties in the portfolio at December 31, 2015, 4,519, or 99.6%, are single-tenant properties and the remaining are multi-tenant properties. Of the 4,519 single-tenant properties, 4,448, or 98.4%, were net leased with a weighted average remaining lease term (excluding rights to extend a lease at the option of the tenant) of approximately 10.0 years at December 31, 2015. Of our 4,448 leased single-tenant properties, 3,938 or 88.5% were under leases that provide for increases in rents through:
· Base rent increases tied to a consumer price index (typically subject to ceilings);
· Percentage rent based on a percentage of the tenants’ gross sales;
· Fixed increases; or
· A combination of two or more of the above rent provisions.
Percentage rent, which is included in rental revenue, was $4.5 million in 2015, $3.6 million in 2014, and $2.9 million in 2013. Percentage rent in 2015 was less than 1% of rental revenue and we anticipate percentage rent to be less than 1% of rental revenue in 2016.
Our portfolio of real estate, leased primarily to regional and national tenants under net leases, continues to perform well and provides dependable lease revenue supporting the payment of monthly dividends to our stockholders. At December 31, 2015, our portfolio of 4,538 properties was 98.4% leased with 71 properties available for lease, as compared to 98.4% leased, with 70 properties available for lease at December 31, 2014. It has been our experience that approximately 1% to 4% of our property portfolio will be unleased at any given time; however, it is possible that the number of properties available for lease could exceed these levels in the future.
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Tenant Reimbursements
Contractually obligated reimbursements from tenants for recoverable real estate taxes and operating expenses were $42.0 million in 2015, compared to $37.1 million in 2014 and $24.9 million in 2013. The increase in tenant reimbursements is primarily due to our acquisitions during 2014 and 2015. Our tenant reimbursements approximate our reimbursable property expenses for any given period.
Other Revenue
Other revenue, which comprises property-related revenue not included in rental revenue or tenant reimbursements, was $4.4 million in 2015, compared to $2.9 million in 2014 and $7.0 million in 2013.
Depreciation and Amortization
Depreciation and amortization was $409.2 million for 2015, compared to $374.7 million for 2014 and $306.8 million for 2013. The increase in depreciation and amortization in 2015 and 2014 was primarily due to the acquisition of properties in 2014 and 2015, which was partially offset by property sales in those same periods. As discussed in the sections entitled “Funds from Operations (FFO) Available to Common Stockholders” and “Adjusted Funds from Operations (AFFO) Available to Common Stockholders,” depreciation and amortization is a non-cash item that is added back to net income available to common stockholders for our calculation of FFO and AFFO.
Interest Expense
The following is a summary of the components of our interest expense (dollars in thousands):
Interest on our credit facility, term loans, notes, mortgages and interest rate swaps
226,207
215,830
182,974
Credit facility commitment fees
2,854
2,661
1,930
Amortization of credit facility origination costs and deferred financing costs
8,741
8,219
7,434
(Gain) loss on interest rate swaps
3,043
1,349
(878
Dividend on preferred shares subject to redemption
1,526
Amortization of net mortgage premiums
(7,482
(12,891
(9,481
Capital lease obligation
116
Interest capitalized
(594
(444
(537
Interest expense
233,079
216,366
181,442
Credit facility, term loans, mortgages and notes
Average outstanding balances (dollars in thousands)
5,030,532
4,628,438
3,892,089
Average interest rates
4.43
%
4.62
4.67
The increase in interest expense from 2014 to 2015 was primarily due to the June 2014 issuance of our 3.88% senior unsecured notes due July 2024, the September 2014 issuance of our 4.125% senior unsecured notes due October 2026, the interest expense on the $250 million term loan that was entered into during June 2015, and the payoff of mortgages during 2015 which reduced the amortization of net mortgage premiums. Additionally, each quarter we adjust the carrying value of our interest rate swaps to fair value. Changes in the fair value of our interest rate swaps are recorded directly to interest expense. We recorded a loss on interest rate swaps of $3.0 million and $1.3 million during 2015 and 2014, respectively, and a gain on interest rate swaps of $878,000 during 2013.
The increase in interest expense from 2013 to 2014 was primarily due to the July 2013 issuance of our 4.65% senior unsecured notes due August 2023, the June 2014 issuance of our 3.88% senior unsecured notes due July 2024, the September 2014 issuance of our 4.125% senior unsecured notes due October 2026, and an increase in mortgages payable. The increase was partially offset by slightly lower average interest rates and the repayment of our 5.375% senior unsecured notes in March 2013.
At December 31, 2015, the weighted average interest rate on our:
· Notes and bonds payable of $3.65 billion (excluding unamortized original issuance discounts of $13.3 million) was 4.7%;
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· Mortgages payable of $637.7 million (excluding net premiums totaling $9.1 million on these mortgages) was 5.0%;
· Credit facility outstanding borrowings of $238.0 million was 1.2%;
· Term loans outstanding borrowings of $320.0 million was 1.2%; and
· Combined outstanding notes, bonds, mortgages, term loan and credit facility borrowings of $4.85 billion was 4.4%.
General and Administrative Expenses
General and administrative expenses decreased by $1.8 million to $49.3 million for 2015, compared to $51.1 million in 2014. General and administrative expenses were $56.9 million in 2013. Included in general and administrative expenses are acquisition transaction costs of $913,000 for 2015, $453,000 for 2014, and $2.1 million for 2013. General and administrative expenses slightly decreased during 2015 primarily due to lower compensation costs, lower corporate insurance premiums, and lower proxy costs. General and administrative expenses decreased during 2014 primarily due to lower stock compensation costs, including the $3.7 million for accelerated vesting that occurred in July 2013, and lower acquisition transaction costs. In January 2016, we had 132 employees, as compared to 125 employees in January 2015 and 116 employees in January 2014.
Dollars in thousands
General and administrative expenses
49,298
51,085
56,881
Total revenue(1)
981,270
896,499
761,159
General and administrative expenses as a percentage of total revenue
7.5
(1) Excludes all tenant reimbursements revenue, as well as revenue included in discontinued operations and gain on sales.
Property Expenses (including tenant reimbursable expenses)
Property expenses consist of costs associated with unleased properties, leased properties and general portfolio expenses, as well as contractually obligated reimbursable costs from tenants for recoverable real estate taxes and operating expenses. Expenses related to unleased properties and expenses we are responsible for on some of the leased properties include, but are not limited to, property taxes, maintenance, insurance, utilities, property inspections, bad debt expense and legal fees. General portfolio expenses include, but are not limited to, insurance, legal, property inspections, and title search fees. At December 31, 2015, 71 properties were available for lease, as compared to 70 properties at December 31, 2014 and 70 properties at December 31, 2013.
Property expenses were $55.4 million (including $42.0 million in reimbursable expenses) in 2015 and $53.9 million (including $37.1 million in reimbursable expenses) in 2014 and $38.9 million (including $24.9 million in reimbursable expenses) in 2013. The increase in gross property expenses in 2015 is primarily attributable to the increased portfolio size, which contributed to higher contractually obligated reimbursements primarily due to our acquisitions during 2014 and 2015.
While the gross property expenses have increased, our net property expenses (net of tenant reimbursements) has decreased during 2015 as compared to 2014. The net expenses have decreased primarily due to lower portfolio vacancy, lower property insurance premiums and fewer one-time maintenance expenses.
Property expenses net of tenant reimbursements
16,753
13,907
Property expenses net of tenant reimbursements as a percentage of total revenue
Income Taxes
Income taxes were $3.2 million in 2015, compared to $3.5 million in 2014 and $2.4 million in 2013. These amounts are for city and state income and franchise taxes paid by Realty Income and its subsidiaries. The increase for 2014 is primarily related to higher city and state income and franchise taxes paid by Realty Income and its subsidiaries, primarily related to increased portfolio size.
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Provisions for Impairment
In 2015, we recorded total provisions for impairment of $10.6 million on three properties classified as held for sale, four properties classified as held for investment, seven sold properties, and one property disposed of other than by sale. These properties were not previously classified as held for sale in financial statements issued prior to the date of adoption of Accounting Standards Update (ASU) 2014-08, which amends Topic 205,Presentation of Financial Statements, and Topic 360, Property, Plant, and Equipment; accordingly, the provisions for impairment are included in income from continuing operations on our consolidated statement of income for the year ended December 31, 2015.
In 2014, Realty Income recorded total provisions for impairment of $4.6 million. Provisions for impairment of $4.1 million are included in income from continuing operations on nine sold properties and two properties classified as held for investment. These properties were not previously classified as held for sale in financial statements issued prior to the date of adoption of ASU 2014-08; accordingly, these provisions for impairment are included in income from continuing operations on our consolidated statements of income. Additionally, a provision for impairment of $510,000 is included in income from discontinued operations on one sold property that was classified as held for sale as of December 31, 2013.
In 2013, Realty Income recorded total provisions for impairment of $3.0 million. Realty Income recorded provisions for impairment of $2.7 million in income from discontinued operations on seven sold properties. Except for a provision for impairment of $290,000 that was recorded in income from continuing operations for one property that was not previously classified as held for sale as of December 31, 2013, the remaining provisions for impairment are included in income from discontinued operations on our consolidated statement of income. In 2013, Crest also recorded a provision for impairment of $308,000 on one sold property which is included in income from discontinued operations.
Merger-Related Costs
Merger-related costs include, but are not limited to, advisor fees, legal fees, accounting fees, printing fees and transfer taxes related to our acquisition of ARCT. Merger-related costs were $13.0 million in 2013. On a diluted per common share basis, these expenses represented $0.07 for 2013. No merger-related costs were incurred in 2014 or 2015.
Gain on Sales of Real Estate
During 2015, we sold 38 investment properties for $65.8 million, which resulted in a gain of $22.2 million. The results of operations for these properties are presented within continuing operations.
During 2014, we sold 46 investment properties for $107.2 million, which resulted in a gain of $42.1 million. Only the results of operations specifically related to the properties classified as held for sale at December 31, 2013 and sold during 2014 were reclassified as discontinued operations.
During 2013, we sold 75 investment properties for $134.2 million, which resulted in a gain of $64.7 million. The results of operations for these properties were reclassified as discontinued operations for all periods presented.
During 2015, Crest did not sell any properties. Crest sold one property for $820,000 and one property for $597,000 during 2014 and 2013, respectively. Neither of these sales resulted in a gain. The results of operations for these properties were reclassified as discontinued operations.
We have an active portfolio management program that incorporates the sale of assets when we believe the reinvestment of the sale proceeds will:
At December 31, 2015, we classified real estate with a carrying amount of $9.8 million as held for sale on our balance sheet. In 2016, we intend to continue our active disposition efforts to further enhance our real estate portfolio and anticipate approximately $50 to $75 million in yet to be identified property sales for all of 2016. We intend to invest these proceeds into new property acquisitions, if there are attractive opportunities available.
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However, we cannot guarantee that we will sell properties during the next 12 months at our estimated values or be able to invest the property sale proceeds in new properties.
Preferred Stock Dividends
Preferred stock dividends totaled $27.1 million in 2015, $37.1 million in 2014, and $41.9 million in 2013.
Excess of Redemption Value over Carrying Value of Preferred Shares Redeemed
In October 2014, we redeemed all 8,800,000 shares of our 6.75% Monthly Income Class E Cumulative Redeemable Preferred Stock, or the Class E preferred stock, for $25.00 per share, plus accrued dividends. We incurred a non-cash charge of $6.0 million. This charge is for the excess of redemption value over the carrying value of the Class E preferred stock and represents the original issuance cost that was paid in 2006.
Net income available to common stockholders was $256.7 million in 2015, compared to $227.6 million in 2014, an increase of $29.1 million. On a diluted per common share basis, net income was $1.09 in 2015, as compared to $1.04 in 2014, an increase of $0.05, or 4.8%. Net income available to common stockholders was $203.6 million in 2013, or $1.06 on a diluted per common share basis. Net income available to common stockholders for 2014 includes a non-cash redemption charge of $6.0 million on the shares of Class E preferred stock that were redeemed in October 2014, which represents $0.03 on a diluted per common share basis. This charge is for the excess of redemption value over the carrying value of the Class E preferred stock and represents the original issuance cost that was paid in 2006. Net income available to common stockholders for 2013 was impacted by an unusually large gain on property sales, which represents $0.18 on a diluted per common share basis. Additionally, net income available to common stockholders for 2013 includes $13.0 million of merger-related costs for the acquisition of ARCT, which represents $0.07 on a diluted per common share basis, and $3.7 million for accelerated vesting of restricted shares that occurred in July 2013 from ten-year vesting to five years, which represents $0.02 on a diluted per common share basis.
Discontinued Operations
During the first quarter of 2014, the Financial Accounting Standards Board issued guidance that changed the definition of discontinued operations by limiting discontinued operations reporting to disposals of components of an entity that represent strategic shifts that have, or will have, a major effect on an entity’s operations and financial results. We early adopted the requirements of this accounting pronouncement in the first quarter of 2014. Starting with the first quarter of 2014, the results of operations for all qualifying disposals and properties classified as held for sale that were not previously reported in discontinued operations in our 2013 Annual Report on Form 10-K are presented within income from continuing operations on our consolidated statements of income. For 2014, we recorded income from discontinued operations of $2.8 million, or $0.01 per common share, basic and diluted. For 2013, we recorded income from discontinued operations of $65.7 million, or $0.34 per common share, basic and diluted.
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FUNDS FROM OPERATIONS (FFO) AVAILABLE TO COMMON STOCKHOLDERS
In 2015, our FFO increased by $89.5 million, or 15.9%, to $652.4 million, compared to $562.9 million in 2014. On a diluted per common share basis, FFO was $2.77 in 2015, compared to $2.58 in 2014, an increase of $0.19, or 7.4%. In 2013, FFO was $462.0 million, or $2.41 on a diluted per common share basis. Our FFO in 2014 included a non-cash redemption charge of $6.0 million on the shares of Class E preferred stock that were redeemed in October 2014, which represents $0.03 on a diluted per common share basis. This charge is for the excess of redemption value over the carrying value of the Class E preferred stock and represents the original issuance cost that was paid in 2006. FFO in 2013 was normalized to exclude $13.0 million of merger-related costs, which represents $0.07 on a diluted per common share basis for 2013. FFO for 2013 includes $3.7 million for accelerated vesting of restricted shares that occurred in July 2013 from ten-year vesting to five years, which represents $0.02 on a diluted per common share basis. All references to FFO for 2013 reflect the adjustments for merger-related costs for the acquisition of ARCT.
The following is a reconciliation of net income available to common stockholders (which we believe is the most comparable GAAP measure) to FFO. Also presented is information regarding distributions paid to common stockholders and the weighted average number of common shares used for the basic and diluted computation per share (dollars in thousands, except per share amounts):
Depreciation and amortization:
Continuing operations
374,661
306,769
Discontinued operations
1,626
Depreciation of furniture, fixtures and equipment
(811
(482
(288
Provisions for impairment on investment properties:
4,126
290
510
2,738
Gain on sales of investment properties:
(22,243
(39,205
(2,883
(64,743
Merger-related costs (1)
13,013
FFO adjustments allocable to noncontrolling interests
(970
(1,396
(1,009
FFO available to common stockholders
652,437
562,889
462,030
FFO per common share, basic and diluted (2)
2.77
2.58
2.41
Distributions paid to common stockholders
FFO in excess of distributions paid to common stockholders
119,199
83,633
52,808
Weighted average number of common shares used for computation per share:
Basic
Diluted (2)
235,891,368
218,450,863
(1) FFO for 2013 has been normalized to exclude ARCT merger-related costs.
(2) The computation of diluted FFO does not assume conversion of securities that are convertible to common shares if the conversion of those securities would increase diluted FFO per share in a given period.
We define FFO, a non-GAAP measure, consistent with the National Association of Real Estate Investment Trusts’ definition, as net income available to common stockholders, plus depreciation and amortization of real estate assets, plus impairments of depreciable real estate assets, reduced by gains on property sales and extraordinary items.
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We consider FFO to be an appropriate supplemental measure of a REIT’s operating performance as it is based on a net income analysis of property portfolio performance that adds back items such as depreciation and impairments for FFO. The historical accounting convention used for real estate assets requires straight-line depreciation of buildings and improvements, which implies that the value of real estate assets diminishes predictably over time. Since real estate values historically rise and fall with market conditions, presentations of operating results for a REIT, using historical accounting for depreciation, could be less informative. The use of FFO is recommended by the REIT industry as a supplemental performance measure. In addition, FFO is used as a measure of our compliance with the financial covenants of our new credit facility.
ADJUSTED FUNDS FROM OPERATIONS (AFFO) AVAILABLE TO COMMON STOCKHOLDERS
In 2015, our AFFO increased by $85.3 million, or 15.2%, to $647.0 million, compared to $561.7 million in 2014. On a diluted per common share basis, AFFO was $2.74 in 2015, compared to $2.57 in 2014, an increase of $0.17, or 6.6%. In 2013, AFFO was $463.1 million, or $2.41 on a diluted per common share basis. We consider AFFO to be an appropriate supplemental measure of our performance. Most companies in our industry use a similar measurement, but they may use the term “CAD” (for Cash Available for Distribution), “FAD” (for Funds Available for Distribution) or other terms.
The following is a reconciliation of net income available to common stockholders (which we believe is the most comparable GAAP measure) to FFO and AFFO. Also presented is information regarding distributions paid to common stockholders and the weighted average number of common shares used for the basic and diluted computation per share (dollars in thousands, except per share amounts):
Cumulative adjustments to calculate FFO (1)
395,751
335,331
258,396
Provisions for impairment on Crest properties
308
Excess of redemption value over carrying value of preferred share redemptions
6,015
Amortization of share-based compensation
10,391
11,959
20,785
Amortization of deferred financing costs (2)
5,294
4,804
4,436
(6,978
(9,208
Gain on early extinguishment of debt
(504
(3,428
Leasing costs and commissions
(748
(821
(1,280
Recurring capital expenditures
(7,606
(5,210
(7,227
Straight-line rent
(16,468
(14,872
(13,742
Amortization of above and below-market leases
7,861
8,024
8,188
Other adjustments (3)
306
160
Total AFFO available to common stockholders (4)
647,028
561,661
463,139
AFFO per common share:
2.74
2.57
2.42
Diluted
AFFO in excess of distributions paid to common stockholders
113,790
82,405
53,917
Diluted (4)
(1) See reconciling items for FFO presented under “Funds from Operations (FFO) Available to Common Stockholders.”
(2) Includes the amortization of costs incurred and capitalized upon issuance of our notes payable, assumption of our mortgages payable and upon issuance of our term loans. The deferred financing costs are being amortized over the lives of the respective mortgages and term loans. No costs associated with our credit facility agreements or annual fees paid to credit rating agencies have been included.
(3) Includes adjustments allocable to both non-controlling interests and capital lease obligations.
(4) The computation of diluted AFFO does not assume conversion of securities that are convertible to common shares if the conversion of those securities would increase diluted AFFO per share in a given period.
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We believe the non-GAAP financial measure AFFO provides useful information to investors because it is a widely accepted industry measure of the operating performance of real estate companies that is used by industry analysts and investors who look at and compare those companies. In particular, AFFO provides an additional measure to compare the operating performance of different REITs without having to account for differing depreciation assumptions and other unique revenue and expense items which are not pertinent to measuring a particular company’s on-going operating performance. Therefore, we believe that AFFO is an appropriate supplemental performance metric, and that the most appropriate GAAP performance metric to which AFFO should be reconciled is net income available to common stockholders.
Presentation of the information regarding FFO and AFFO is intended to assist the reader in comparing the operating performance of different REITs, although it should be noted that not all REITs calculate FFO and AFFO in the same way, so comparisons with other REITs may not be meaningful. Furthermore, FFO and AFFO are not necessarily indicative of cash flow available to fund cash needs and should not be considered as alternatives to net income as an indication of our performance. FFO and AFFO should not be considered as alternatives to reviewing our cash flows from operating, investing, and financing activities. In addition, FFO and AFFO should not be considered as measures of liquidity, of our ability to make cash distributions, or of our ability to pay interest payments.
IMPACT OF INFLATION
Tenant leases generally provide for limited increases in rent as a result of increases in the tenants’ sales volumes, increases in the consumer price index (typically subject to ceilings), or fixed increases. We expect that inflation will cause these lease provisions to result in rent increases over time. During times when inflation is greater than increases in rent, as provided for in the leases, rent increases may not keep up with the rate of inflation.
Of our 4,538 properties in our portfolio, approximately 98.0% or 4,467 are leased to tenants under net leases where the tenant is responsible for property expenses. Net leases tend to reduce our exposure to rising property expenses due to inflation. Inflation and increased costs may have an adverse impact on our tenants if increases in their operating expenses exceed increases in revenue.
IMPACT OF RECENT ACCOUNTING PRONOUNCEMENTS
For information on the impact of recent accounting pronouncements on our business, see note 2 of the Notes to the Consolidated Financial Statements.
Item 7A: Quantitative and Qualitative Disclosures about Market Risk
We are exposed to interest rate changes primarily as a result of our new credit facility, term loans, mortgages payable, and long-term notes and bonds used to maintain liquidity and expand our real estate investment portfolio and operations. Our interest rate risk management objective is to limit the impact of interest rate changes on earnings and cash flow and to lower our overall borrowing costs. To achieve these objectives we issue long-term notes and bonds, primarily at fixed rates.
In order to mitigate and manage the effects of interest rate risks on our operations, we may utilize a variety of financial instruments, including interest rate swaps and caps. The use of these types of instruments to hedge our exposure to changes in interest rates carries additional risks, including counterparty credit risk, the enforceability of hedging contracts and the risk that unanticipated and significant changes in interest rates will cause a significant loss of basis in the contract. To limit counterparty credit risk we will seek to enter into such agreements with major financial institutions with favorable credit ratings. There can be no assurance that we will be able to adequately protect against the foregoing risks or realize an economic benefit that exceeds the related amounts incurred in connection with engaging in such hedging activities. We do not enter into any derivative transactions for speculative or trading purposes.
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The following table presents by year of expected maturity, the principal amounts, average interest rates and estimated fair values of our fixed and variable rate debt as of December 31, 2015. This information is presented to evaluate the expected cash flows and sensitivity to interest rate changes (dollars in millions):
Expected Maturity Data
Weighted average
Fixed rate
rate on fixed
Variable rate
rate on variable
Year of maturity
debt
rate debt
444.9
5.45
2.54
308.3
5.63
2.40
365.3
2.15
70.3
1.45
554.5
6.74
259.8
1.29
82.2
4.99
250.2
1.37
2,478.7
4.50
21.7
Totals (1)
4,233.9
4.78
611.7
1.40
Fair Value (2)
4,429.2
608.3
(1) Excludes net premiums recorded on mortgages payable and original issuance discounts recorded on notes payable. At December 31, 2015, the unamortized balance of net premiums on mortgages payable was $9.1 million, and the unamortized balance of original issuance discounts on notes payable was $13.3 million.
(2) We base the estimated fair value of the fixed rate senior notes and bonds at December 31, 2015 on the indicative market prices and recent trading activity of our senior notes and bonds payable. We base the estimated fair value of our fixed rate and variable rate mortgages at December 31, 2015 on the relevant Treasury yield curve, plus an applicable credit-adjusted spread. We believe that the carrying value of the credit facility balance and term loans balance reasonably approximate their estimated fair values at December 31, 2015.
The table incorporates only those exposures that exist as of December 31, 2015. It does not consider those exposures or positions that could arise after that date. As a result, our ultimate realized gain or loss, with respect to interest rate fluctuations, would depend on the exposures that arise during the period, our hedging strategies at the time, and interest rates.
All of our outstanding notes and bonds have fixed interest rates. All of our mortgages payable, except four mortgages totaling $51.1 million at December 31, 2015, including net unamortized discounts, have fixed interest rates. After factoring in arrangements that limit our exposure to interest rate risk and effectively fix our per annum interest rates, our variable rate mortgage debt includes two mortgages totaling $15.5 million at December 31, 2015. Interest on our new credit facility and term loan balances is variable. However, the variable interest rate feature on our term loans has been mitigated by interest rate swap agreements. Based on our new credit facility balance of $238.0 million at December 31, 2015, a 1% change in interest rates would change our interest costs by $2.4 million per year.
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Item 8: Financial Statements and Supplementary Data
A.
Reports of Independent Registered Public Accounting Firm
B.
Consolidated Balance Sheets, December 31, 2015 and 2014
C.
Consolidated Statements of Income, Years ended December 31, 2015, 2014 and 2013
D.
Consolidated Statements of Equity, Years ended December 31, 2015, 2014 and 2013
E.
Consolidated Statements of Cash Flows, Years ended December 31, 2015, 2014 and 2013
F.
Notes to Consolidated Financial Statements
G.
Consolidated Quarterly Financial Data (unaudited) for 2015 and 2014
H.
Schedule III Real Estate and Accumulated Depreciation
Schedules not filed: All schedules, other than that indicated in the Table of Contents, have been omitted as the required information is either not material, inapplicable or the information is presented in the financial statements or related notes.
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Report of Independent Registered Public Accounting Firm
The Board of Directors and Stockholders
Realty Income Corporation:
We have audited the accompanying consolidated balance sheets of Realty Income Corporation and subsidiaries as of December 31, 2015 and 2014, and the related consolidated statements of income, equity, and cash flows for each of the years in the three-year period ended December 31, 2015. In connection with our audits of the consolidated financial statements, we also have audited financial statement schedule III. These consolidated financial statements and financial statement schedule are the responsibility of Realty Income Corporation’s management. Our responsibility is to express an opinion on these consolidated financial statements and financial statement schedule based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Realty Income Corporation and subsidiaries as of December 31, 2015 and 2014, and the results of their operations and their cash flows for each of the years in the three-year period ended December 31, 2015, in conformity with U.S. generally accepted accounting principles. Also in our opinion, the related financial statement schedule, when considered in relation to the basic consolidated financial statements taken as a whole, present fairly, in all material respects, the information set forth therein.
As discussed in note 2 to the consolidated financial statements, Realty Income Corporation changed its method for reporting discontinued operations in 2014 due to the adoption of FASB Accounting Standards Update No. 2014-08.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), Realty Income Corporation’s internal control over financial reporting as of December 31, 2015, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO), and our report dated February 11, 2016 expressed an unqualified opinion on the effectiveness of Realty Income Corporation’s internal control over financial reporting.
/s/ KPMG LLP
San Diego, California February 11, 2016
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We have audited Realty Income Corporation’s internal control over financial reporting as of December 31, 2015, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Realty Income Corporation’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on Realty Income Corporation’s internal control over financial reporting based on our audit.
We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
In our opinion, Realty Income Corporation maintained, in all material respects, effective internal control over financial reporting as of December 31, 2015, based on Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated balance sheets of Realty Income Corporation and subsidiaries as of December 31, 2015 and 2014, and the related consolidated statements of income, equity and cash flows for each of the years in the three-year period ended December 31, 2015, and our report dated February 11, 2016 expressed an unqualified opinion on those consolidated financial statements.
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REALTY INCOME CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
December 31, 2015 and 2014
(dollars in thousands, except per share data)
ASSETS
Real estate, at cost:
Land
3,286,004
3,046,372
Buildings and improvements
9,010,778
8,107,199
Total real estate, at cost
12,296,782
11,153,571
Less accumulated depreciation and amortization
(1,687,665
(1,386,871
Net real estate held for investment
10,609,117
9,766,700
Real estate held for sale, net
9,767
14,840
Net real estate
10,618,884
9,781,540
Accounts receivable, net
81,678
64,386
Acquired lease intangible assets, net
1,034,417
1,039,724
Goodwill
15,321
15,470
Other assets, net
75,276
107,650
Total assets
LIABILITIES AND EQUITY
Distributions payable
50,344
43,675
Accounts payable and accrued expenses
115,826
123,287
Acquired lease intangible liabilities, net
250,916
220,469
Other liabilities
53,965
53,145
Lines of credit payable
238,000
223,000
Term loans
320,000
70,000
Mortgages payable, net
646,740
852,575
Notes payable, net
3,636,746
3,785,372
Commitments and contingencies
Stockholders’ equity:
Preferred stock and paid in capital, par value $0.01 per share, 69,900,000 shares authorized, 16,350,000 shares issued and outstanding as of December 31, 2015 and December 31, 2014, liquidation preference $25.00 per share
395,378
Common stock and paid in capital, par value $0.01 per share, 370,100,000 shares authorized, 250,416,757 shares issued and outstanding as of December 31, 2015 and 224,881,192 shares issued and outstanding as of December 31, 2014
7,666,428
6,464,987
Distributions in excess of net income
(1,530,210
(1,246,964
Total stockholders’ equity
6,531,596
5,613,401
Noncontrolling interests
21,737
27,698
Total liabilities and equity
The accompanying notes to consolidated financial statements are an integral part of these statements.
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CONSOLIDATED STATEMENTS OF INCOME
Years Ended December 31, 2015, 2014 and 2013
REVENUE
976,865
893,457
748,218
Tenant reimbursements
42,015
37,118
24,944
4,405
2,930
7,047
EXPENSES
Depreciation and amortization
General and administrative
Property (including reimbursable)
55,352
53,871
38,851
Income taxes
3,461
2,350
Provisions for impairment
Merger-related costs
Total expenses
760,673
703,570
599,596
Gain on sales of real estate
22,243
39,205
Net income attributable to noncontrolling interests
(1,089
(1,305
(719
270,635
245,564
Amounts available to common stockholders per common share:
Income from continuing operations, basic and diluted
1.03
0.72
Net income, basic and diluted
Weighted average common shares outstanding:
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CONSOLIDATED STATEMENTS OF EQUITY
Years Ended December 31, 2015, 2014, and 2013
(dollars in thousands)
Preferred
Common
Shares of
stock and
preferred
common
paid in
in excess of
stockholders’
Noncontrolling
stock
capital
net income
equity
interests
Balance, December 31, 2012
25,150,000
133,452,411
609,363
2,572,092
(768,661
719
Distributions paid and payable
(468,697
(1,371
(470,068
Shares issued in stock offerings, net of offering costs
27,025,000
1,133,574
Shares issued in conjunction with acquisition of ARCT, net of our shares owned by ARCT
45,364,435
1,997,850
Issuance of preferred and common units
36,563
Shares issued pursuant to dividend reinvestment and stock purchase plan, net
1,449,139
55,244
Share-based compensation, net
194,088
9,118
Balance, December 31, 2013
207,485,073
5,767,878
(991,794
5,385,447
35,911
1,305
(519,790
(1,839
(521,629
13,800,000
528,592
Redemption of common units
35,000
1,032
(1,032
Reallocation of equity
6,647
(6,647
3,527,166
157,285
Preferred shares redeemed
(8,800,000
(213,985
(220,000
33,953
3,553
Balance, December 31, 2014
16,350,000
224,881,192
1,089
(567,012
(1,652
(568,664
17,000,000
793,559
168,182
4,347
(4,347
1,051
(1,051
7,608,354
360,700
Shares issued pursuant to at-the-market program, net
714,301
35,747
44,728
6,037
Balance, December 31, 2015
250,416,757
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CONSOLIDATED STATEMENTS OF CASH FLOWS
CASH FLOWS FROM OPERATING ACTIVITIES
Adjustments to net income:
(2,800
(65,670
Non-cash rental adjustments
(8,607
(6,848
(5,554
Amortization of net premiums on mortgages payable
Amortization of deferred financing costs
9,044
8,335
9,364
Loss (gain) on interest rate swaps
Provisions for impairment on real estate
Change in assets and liabilities
Accounts receivable and other assets
(2,641
(3,064
(2,116
Accounts payable, accrued expenses and other liabilities
6,168
20,130
19,114
CASH FLOWS FROM INVESTING ACTIVITIES
Investment in real estate
(1,266,885
(1,228,243
(1,429,483
Improvements to real estate, including leasing costs
(11,541
(6,032
(8,507
Proceeds from sales of real estate:
65,817
88,688
6,918
126,785
Collection (issuance) of loans receivable
(10,656
Restricted escrow deposits for Section 1031 tax-deferred exchanges and pending acquisitions
33,554
(36,540
(10,158
Net cash used in investing activities
(1,179,055
(1,174,859
(1,332,011
CASH FLOWS FROM FINANCING ACTIVITIES
Cash distributions to common stockholders
(533,238
(479,256
(409,222
Cash dividends to preferred stockholders
(38,300
Borrowings on line of credit
1,448,000
1,672,321
2,624,700
Payments on line of credit
(1,433,000
(1,577,321
(2,654,700
Proceeds from notes and bonds payable issued
598,594
750,000
Principal payment on notes payable
(150,000
(100,000
Principal payments on mortgages payable
(198,353
(85,208
(32,603
Proceeds from term loans
250,000
Repayment of American Realty Capital Trust, Inc., or ARCT, line of credit
(317,207
Repayment of ARCT term loan
(235,000
Proceeds from common stock offerings, net
528,615
Redemption of preferred units
(6,750
Redemption of preferred stock
Distributions to noncontrolling interests
(1,679
(1,844
(1,216
Debt issuance costs
(10,259
(5,505
(10,666
Proceeds from dividend reinvestment and stock purchase plan
363,029
158,462
55,806
Proceeds from At-the-Market (ATM) program
36,348
Other items, including shares withheld upon vesting
(7,383
(9,796
(13,422
Net cash provided by financing activities
523,194
540,762
818,114
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents, beginning of period
Cash and cash equivalents, end of period
For supplemental disclosures, see note 16.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2015, 2014, and 2013
1. Organization and Operation
Realty Income Corporation (“Realty Income,” the “Company,” “we,” “our” or “us”) is organized as a Maryland corporation. We invest in commercial real estate and have elected to be taxed as a real estate investment trust, or REIT.
At December 31, 2015, we owned 4,538 properties, located in 49 states and Puerto Rico, containing over 76.0 million leasable square feet.
Information with respect to number of properties, square feet, average initial lease term and weighted average contractual lease rate is unaudited.
2. Summary of Significant Accounting Policies and Procedures and Recent Accounting Pronouncements
Federal Income Taxes. We have elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended, or the Code. We believe we have qualified and continue to qualify as a REIT. Under the REIT operating structure, we are permitted to deduct dividends paid to our stockholders in determining our taxable income. Assuming our dividends equal or exceed our taxable net income, we generally will not be required to pay federal corporate income taxes on such income. Accordingly, no provision has been made for federal income taxes in the accompanying consolidated financial statements, except for the federal income taxes of our taxable REIT subsidiaries. The income taxes recorded on our consolidated statements of income represent amounts paid by Realty Income for city and state income and franchise taxes.
Earnings and profits that determine the taxability of distributions to stockholders differ from net income reported for financial reporting purposes due to differences in the estimated useful lives and methods used to compute depreciation and the carrying value (basis) of the investments in properties for tax purposes, among other things.
We regularly analyze our various federal and state filing positions and only recognize the income tax effect in our financial statements when certain criteria regarding uncertain income tax positions have been met. We believe that our income tax positions would more likely than not be sustained upon examination by all relevant taxing authorities. Therefore, no provisions for uncertain income tax positions have been recorded in our financial statements.
Net Income per Common Share. Basic net income per common share is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding during each period. Diluted net income per common share is computed by dividing net income available to common stockholders, plus income attributable to dilutive shares and convertible common units, for the period by the weighted average number of common shares that would have been outstanding assuming the issuance of common shares for all potentially dilutive common shares outstanding during the reporting period.
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The following is a reconciliation of the denominator of the basic net income per common share computation to the denominator of the diluted net income per common share computation.
Weighted average shares used for the basic net income per share computation
Incremental shares from share-based compensation
123,436
59,978
26,765
Weighted average partnership common units convertible to common shares that were dilutive
317,022
Weighted average shares used for diluted net income per share computation
Unvested shares from share-based compensation that were anti-dilutive
106,103
51,749
59,629
Weighted average partnership common units convertible to common shares that were anti-dilutive
417,060
523,847
851,568
Discontinued Operations. During the first quarter of 2014, the Financial Accounting Standards Board issued guidance that changed the definition of discontinued operations by limiting discontinued operations reporting to disposals of components of an entity that represent strategic shifts that have, or will have, a major effect on an entity’s operations and financial results. We early adopted the requirements of this accounting pronouncement in the first quarter of 2014.
Starting with the first quarter of 2014, the results of operations for all qualifying disposals and properties classified as held for sale that were not previously reported in discontinued operations in our 2013 Annual Report on Form 10-K are presented within income from continuing operations on our consolidated statements of income. Prior to the date of adoption of Accounting Standards Update 2014-08 (ASU 2014-08), which amends Topic 205, Presentation of Financial Statements, and Topic 360, Property, Plant, and Equipment, we reported, in discontinued operations, the results of operations of properties that had either been disposed of or classified as held for sale in financial statements issued.
Operations from ten properties were classified as held for sale at December 31, 2015, and are included in income from continuing operations. We do not depreciate properties that are classified as held for sale.
If the property was previously reclassified as held for sale but the applicable criteria for this classification are no longer met, the property is reclassified to real estate held for investment. A property that is reclassified to held for investment is measured and recorded at the lower of (i) its carrying amount before the property was classified as held for sale, adjusted for any depreciation expense that would have been recognized had the property been continuously classified as held for investment, or (ii) the fair value at the date of the subsequent decision not to sell.
No debt was assumed by buyers of our properties, or repaid as a result of our property sales.
For the year ended December 31, 2014, we recorded income from discontinued operations of $2.8 million, or $0.01 per common share, basic and diluted. For the year ended December 31, 2013, we recorded income from discontinued operations of $65.7 million, or $0.34 per common share, basic and diluted.
Revenue Recognition and Accounts Receivable. All leases are accounted for as operating leases. Under this method, leases that have fixed and determinable rent increases are recognized on a straight-line basis over the lease term. Any rental revenue contingent upon a tenant’s sales is recognized only after the tenant exceeds their sales breakpoint. Rental increases based upon changes in the consumer price indexes are recognized only after the changes in the indexes have occurred and are then applied according to the lease agreements. Contractually obligated reimbursements from tenants for recoverable real estate taxes and operating expenses are included in tenant reimbursements in the period when such costs are incurred.
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We recognize an allowance for doubtful accounts relating to accounts receivable for amounts deemed uncollectible. We consider tenant specific issues, such as financial stability and ability to pay, when determining collectability of accounts receivable and appropriate allowances to record. The allowance for doubtful accounts was $429,000 at December 31, 2015 and $765,000 at December 31, 2014.
Other revenue, which comprises property-related revenue not included in rental revenue or tenant reimbursements, was $4.4 million in 2015, $2.9 million in 2014 and $7.0 million in 2013.
Principles of Consolidation. The accompanying consolidated financial statements include the accounts of Realty Income and other entities for which we make operating and financial decisions (i.e. control), after elimination of all material intercompany balances and transactions. We consolidate entities that we control and record a noncontrolling interest for the portion that we do not own. Noncontrolling interest that was created or assumed as part of a business combination was recognized at fair value as of the date of the transaction (see note 11). We have no unconsolidated investments.
Cash Equivalents. We consider all short-term, highly liquid investments that are readily convertible to cash and have an original maturity of three months or less at the time of purchase to be cash equivalents. Our cash equivalents are primarily investments in United States government money market funds.
Gain on Sales of Properties. When real estate is sold, the related net book value of the applicable assets is removed and a gain from the sale is recognized in our consolidated statements of income. We record a gain from the sale of real estate provided that various criteria, relating to the terms of the sale and any subsequent involvement by us with the real estate, have been met.
Allocation of the Purchase Price of Real Estate Acquisitions. When acquiring a property for investment purposes, we typically allocate the fair value of real estate acquired to: (1) land, (2) building and improvements, and (3) identified intangible assets and liabilities, based in each case on their estimated fair values. Intangible assets and liabilities consist of above-market or below-market lease value of in-place leases, the value of in-place leases, and tenant relationships, as applicable. In an acquisition of multiple properties, we must also allocate the purchase price among the properties. The allocation of the purchase price is based on our assessment of estimated fair value and is often based upon the expected future cash flows of the property and various characteristics of the markets where the property is located. In addition, any assumed mortgages receivable or payable and any assumed or issued noncontrolling interests are recorded at their estimated fair values. The estimated fair values of our mortgages payable have been calculated by discounting the future cash flows using applicable interest rates that have been adjusted for factors, such as industry type, tenant investment grade, maturity date, and comparable borrowings for similar assets. The initial allocation of the purchase price is based on management’s preliminary assessment, which may differ when final information becomes available. Subsequent adjustments made to the initial purchase price allocation are made within the allocation period, which does not exceed one year. The use of different assumptions in the allocation of the purchase price of the acquired properties and liabilities assumed could affect the timing of recognition of the related revenue and expenses.
Our estimated fair value determinations are based on management’s judgment, utilizing various factors, including: (1) market conditions, (2) industry that the tenant operates in, (3) characteristics of the real estate, i.e.: location, size, demographics, value and comparative rental rates, (4) tenant credit profile, (5) store profitability and the importance of the location of the real estate to the operations of the tenant’s business, and/or (6) real estate valuations, prepared either internally or by an independent valuation firm. Our methodologies for measuring fair value related to the allocation of the purchase price of real estate acquisitions include both observable market data (and thus should be categorized as level 2 on FASB’s three-level valuation hierarchy) and unobservable inputs that reflect our own internal assumptions and calculations (and thus should be categorized as level 3 on FASB’s three-level valuation hierarchy).
The fair value of the tangible assets of an acquired property with an in-place operating lease (which includes land and buildings/improvements) is determined by valuing the property as if it were vacant, and the “as-if-vacant” value is then allocated to land and buildings/improvements based on our determination of the fair value of these assets. Our fair value determinations are based on a real estate valuation for each property, prepared either internally or by an independent valuation firm, and consider estimates of carrying costs during the expected lease-up periods, current market conditions, as well as costs to execute similar leases. In allocating the fair value to identified intangibles for above-market or below-market leases, an amount is recorded based on the present value of the difference between (i) the contractual amount to be paid pursuant to the in-place lease and (ii) our estimate of fair market lease rate for the corresponding in-place lease, measured over the remaining term of the lease.
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The values of the above-market and below-market leases are amortized over the term of the respective leases, including any bargain renewal options, as an adjustment to rental revenue on our consolidated statements of income.
The aggregate value of other acquired intangible assets consists of the fair value of in-place leases and tenant relationships, as applicable. The value of in-place leases, exclusive of the value of above-market and below-market in-place leases, is amortized to depreciation and amortization expense over the remaining periods of the respective leases.
If a lease was terminated prior to its stated expiration, all unamortized amounts relating to that lease would be recorded to revenue or expense as appropriate.
In allocating the fair value to assumed mortgages, amounts are recorded to debt premiums or discounts based on the present value of the estimated cash flows, which is calculated to account for either above or below-market interest rates. Our assumed net debt premiums are amortized as a reduction to interest expense over the remaining term of the respective mortgages.
In allocating noncontrolling interests, amounts are recorded based on the fair value of units issued at the date of acquisition, as determined by the terms of the applicable agreement.
Depreciation and Amortization. Land, buildings and improvements are recorded and stated at cost. Major replacements and betterments, which improve or extend the life of the asset, are capitalized and depreciated over their estimated useful lives, while ordinary repairs and maintenance are expensed as incurred. Buildings and improvements that are under redevelopment, or are being developed, are carried at cost and no depreciation is recorded on these assets. Additionally, amounts essential to the development of the property, such as pre-construction, development, construction, interest and other costs incurred during the period of development are capitalized. We cease capitalization when the property is available for occupancy upon substantial completion of tenant improvements, but in any event no later than one year from the completion of major construction activity.
Properties are depreciated using the straight-line method over the estimated useful lives of the assets. The estimated useful lives are as follows:
Buildings
25 years or 35 years
Building improvements
4 to 20 years
Tenant improvements and lease commissions
The shorter of the term of the related lease or useful life
Acquired in-place leases
Remaining terms of the respective leases
Provision for Impairment. We review long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. A provision is made for impairment if estimated future operating cash flows (undiscounted and without interest charges) plus estimated disposition proceeds (undiscounted) are less than the current book value of the property. Key factors that we utilize in this analysis include projected rental rates, estimated holding periods, historical sales and releases, capital expenditures and property sales capitalization rates. If a property is classified as held for sale, it is carried at the lower of carrying cost or estimated fair value, less estimated cost to sell, and depreciation of the property ceases.
In 2015, we recorded total provisions for impairment of $10.6 million on three properties classified as held for sale, four properties classified as held for investment, seven sold properties, and one property disposed of other than by sale in the following industries: one in the convenience stores industry, one in the health and fitness industry, one in the pet supplies and services industry, eleven in the restaurant-casual dining industry, and one among the industry we classify as “other.” These properties were not previously classified as held for sale in financial statements issued prior to the date of adoption of ASU 2014-08; accordingly, the provisions for impairment are included in income from continuing operations on our consolidated statement of income for the year ended December 31, 2015.
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In 2014, Realty Income recorded total provisions for impairment of $4.6 million. Provisions for impairment of $4.1 million are included in income from continuing operations on nine sold properties and two properties classified as held for investment in the following industries: one in the consumer electronics industry, one in the convenience stores industry, one in the home furnishings industry, two in the home improvement industry, and six in the restaurant-casual dining industry. These properties were not previously classified as held for sale in financial statements issued prior to the date of adoption of ASU 2014-08; accordingly, these provisions for impairment are included in income from continuing operations on our consolidated statements of income. Additionally during 2014, a provision for impairment of $510,000 is included in income from discontinued operations on one sold property in the grocery store industry that was classified as held for sale as of December 31, 2013.
In 2013, Realty Income recorded total provisions for impairment of $3.0 million. Realty Income recorded provisions for impairment of $2.7 million in income from discontinued operations on seven sold properties in the following industries: one in the automotive parts industry, two in the child care industry, one in the grocery store industry, one in the pet supplies and services industry, and two in the restaurant casual dining industry. Except for a provision for impairment of $290,000 that was recorded in income from continuing operations for one property in the auto service industry that was not previously classified as held for sale as of December 31, 2013, the remaining provisions for impairment are included in income from discontinued operations on our consolidated statement of income.
In 2013, Crest also recorded a provision for impairment of $308,000 on one sold property in the restaurant-casual dining industry, which is included in income from discontinued operations.
Asset Retirement Obligations. We analyze our future legal obligations associated with the other-than-temporary removal of tangible long-lived assets, also referred to as asset retirement obligations. When we determine that we have a legal obligation to provide services upon the retirement of a tangible long-lived asset, we record a liability for this obligation based on the estimated fair value of this obligation and adjust the carrying amount of the related long-lived asset by the same amount. This asset is amortized over its estimated useful life. The estimated fair value of the asset retirement obligation is calculated by discounting the future cash flows using a credit-adjusted risk-free interest rate.
Goodwill. Goodwill is tested for impairment during the second quarter of each year as well as when events or circumstances occur indicating that our goodwill might be impaired. Under the amendments issued in conjunction with ASU No. 2011-08, Intangibles – Goodwill and Other (Topic 350), an entity, through an assessment of qualitative factors, is not required to calculate the estimated fair value of a reporting unit, in connection with the two-step goodwill impairment test, unless the entity determines that it is more likely than not that its fair value is less than its carrying amount. We elected to continue testing goodwill for impairment during the second quarter of each year as well as when events or circumstances occur, indicating that our goodwill might be impaired. During our tests for impairment of goodwill during the second quarters of 2015, 2014 and 2013, we determined that the estimated fair values of our reporting units exceeded their carrying values. We did not record any impairment on our existing goodwill during 2015, 2014 or 2013.
Equity Offering Costs. Underwriting commissions and offering costs have been reflected as a reduction of additional paid-in-capital on our consolidated balance sheets.
Noncontrolling Interests. Noncontrolling interests are reflected on our consolidated balance sheets as a component of equity. Noncontrolling interests are recorded initially at fair value based on the price of the applicable units issued, and subsequently adjusted each period for distributions, contributions and the allocation of net income attributable to the noncontrolling interests.
As consideration for two separate acquisitions during 2013, partnership units of Tau Operating Partnership, L.P. and Realty Income, L.P. were issued to third parties. These common units (discussed in footnote 11) do not have voting rights, are entitled to monthly distributions equal to the amount paid to our common stockholders, and are redeemable in cash or our common stock, at our option and at a conversion ratio of one to one, subject to certain exceptions. As the general partner for each of these partnerships, we have operating and financial control over these entities, consolidate them in our financial statements, and record the partnership units held by third parties as noncontrolling interests.
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Use of Estimates. The consolidated financial statements were prepared in conformity with U.S. generally accepted accounting principles, or GAAP, which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
Recent Accounting Pronouncements. In April 2015, the Financial Accounting Standards Board, or FASB, issued ASU 2015-03, which amends Topic 835, Other Presentation Matters. The amendments in this ASU require that debt issuance costs be reported on the balance sheet as a direct reduction of the face amount of the debt instrument they relate to, and should not be classified as a deferred charge, as was previously required under the Accounting Standards Codification. ASU 2015-03 is effective, on a retrospective basis, for interim and annual periods beginning after December 15, 2015; early adoption is permitted. We have not yet adopted this ASU and do not expect it to have a material impact on our consolidated financial statements.
In September 2015, FASB, issued ASU 2015-16, which amends Topic 805, Business Combinations. The amendments in this ASU require that we recognize purchase price allocation adjustments that are identified during the measurement period in the reporting period in which the adjustment amounts are determined, and eliminate the requirement to retrospectively account for these adjustments. ASU 2015-16 is effective, on a prospective basis, for interim and annual periods beginning after December 15, 2015; early adoption is permitted. We early adopted this ASU 2015-16 during the quarter ended September 30, 2015 and it did not have a material impact on our consolidated financial statements.
3. Supplemental Detail for Certain Components of Consolidated Balance Sheets
A. Acquired lease intangible assets, net, consist of the following
(dollars in thousands) at:
1,056,715
1,005,244
Accumulated amortization of acquired in-place leases
(264,399
(177,722
Acquired above-market leases
304,548
252,581
Accumulated amortization of acquired above-market leases
(62,447
(40,379
B. Other assets, net, consist of the following (dollars in thousands) at:
Deferred financing costs, net
20,490
23,274
Notes receivable issued in connection with property sales
17,905
18,342
Prepaid expenses
14,258
14,137
Credit facility origination costs, net
10,226
4,171
Impounds related to mortgages payable
5,860
5,789
Restricted escrow deposits
4,179
36,540
Corporate assets, net
2,313
2,600
Other items
2,797
C. Distributions payable consist of the following declared
distributions (dollars in thousands) at:
Common stock distributions
47,963
41,268
2,257
Noncontrolling interests distributions
124
150
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D. Accounts payable and accrued expenses consist of the
following (dollars in thousands) at:
Notes payable - interest payable
61,486
63,919
Accrued costs on properties under development
9,976
18,011
Property taxes payable
13,354
11,633
Mortgages, term loans, credit line - interest payable and interest rate swaps
6,813
4,569
24,197
25,155
E. Acquired lease intangible liabilities, net, consist of the
Acquired below-market leases
288,412
243,025
Accumulated amortization of acquired below-market leases
(37,496
(22,556
F. Other liabilities consist of the following
Rent received in advance
42,840
36,122
Security deposits
6,418
5,876
Capital lease obligations
4,707
4,397
Preferred units issued upon acquisition of ARCT
6,750
4. Investments in Real Estate
We acquire land, buildings and improvements necessary for the successful operations of commercial tenants.
A. Acquisitions during 2015 and 2014
During 2015, we invested $1.26 billion in 286 new properties and properties under development or expansion with an initial weighted average contractual lease rate of 6.6%. The 286 new properties and properties under development or expansion are located in 40 states, will contain approximately 6.2 million leasable square feet, and are 100% leased with a weighted average lease term of 16.5 years. The tenants occupying the new properties operate in 21 industries and the property types consist of 87.3% retail and 12.7% industrial, based on rental revenue. None of our investments during 2015 caused any one tenant to be 10% or more of our total assets at December 31, 2015.
The $1.26 billion invested during 2015 was allocated as follows: $257.1 million to land, $937.1 million to buildings and improvements, $105.8 million to intangible assets related to leases, and $40.9 million to intangible liabilities related to leases and other assumed liabilities. There was no contingent consideration associated with these acquisitions.
The properties acquired during 2015 generated total revenues of $43.4 million and income from continuing operations of $21.1 million.
Of the $1.26 billion we invested during 2015, $195.4 million of the purchase price allocation is based on a preliminary measurement of fair value that is subject to change. The allocation for these properties represents our current best estimate of fair value, and we expect to finalize the valuations and complete the purchase price allocations in 2016. During 2015, we finalized the purchase price allocations for $147.1 million invested in the fourth quarter of 2014. There were no material changes to our consolidated balance sheets or income statements as a result of these purchase price allocations being finalized.
In comparison, during 2014, we invested $1.4 billion in 506 new properties and properties under development or expansion with an initial weighted average contractual lease rate of 7.1%. The 506 new properties and properties under development or expansion are located in 42 states, contain approximately 9.8 million leasable square feet, and are 100% leased with a weighted average lease term of 12.8 years. The tenants occupying the new properties operate in 32 industries and the property types consist of 85.7% retail, 6.6% industrial, 6.4% office, and 1.3% manufacturing, based on rental revenue.
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The $1.4 billion invested during 2014 was allocated as follows: $295.6 million to land, $984.1 million to buildings and improvements, $209.4 million to intangible assets related to leases, $901,000 to other assets, net, and $87.4 million to intangible liabilities related to leases and other assumed liabilities. We also recorded mortgage premiums of $604,000 associated with the mortgages acquired. There was no contingent consideration associated with these acquisitions.
The properties acquired during 2014 generated total revenues of $75.1 million and income from continuing operations of $27.8 million for year ended December 31, 2014.
In the case of a property under development or expansion, the contractual lease rate is generally fixed such that rent varies based on the actual total investment in order to provide a fixed rate of return. When the lease does not provide for a fixed rate of return on a property under development or expansion, the estimated initial weighted average contractual lease rate is computed as follows: estimated net operating income (determined by the lease) for the first full year of each lease, divided by our projected total investment in the property, including land, construction and capitalized interest costs. Of the $1.26 billion we invested during 2015, $45.8 million was invested in 35 properties under development or expansion with an estimated initial weighted average contractual lease rate of 9.7%. Of the $1.4 billion we invested during 2014, $81.9 million was invested in 40 properties under development or expansion with an estimated initial weighted average contractual lease rate of 8.4%.
B. Acquisition Transaction Costs
Acquisition transaction costs of $913,000 and $453,000 were recorded to general and administrative expense on our consolidated statements of income during 2015 and 2014, respectively.
C. Investments in Existing Properties
During 2015, we capitalized costs of $11.5 million on existing properties in our portfolio, consisting of $748,000 for re-leasing costs, $7.6 million for recurring capital expenditures and $3.2 million for non-recurring building improvements. In comparison, during 2014, we capitalized costs of $6.0 million on existing properties in our portfolio.
D. Properties with Existing Leases
Of the $1.26 billion we invested during 2015, approximately $391.4 million was used to acquire 86 properties with existing leases. In comparison, of the $1.4 billion we invested during 2014, approximately $957.4 million was used to acquire 201 properties with existing leases. The value of the in-place and above-market leases is recorded to acquired lease intangible assets, net on our consolidated balance sheets, and the value of the below-market leases is recorded to acquired lease intangible liabilities, net on our consolidated balance sheets.
The values of the in-place leases are amortized as depreciation and amortization expense. The amounts amortized to expense for all of our in-place leases, for 2015, 2014, and 2013 were $87.9 million, $83.6 million, and $65.5 million, respectively.
The values of the above-market and below-market leases are amortized over the term of the respective leases, including any bargain renewal options, as an adjustment to rental revenue on our consolidated statements of income. The amounts amortized as a net decrease to rental revenue for capitalized above-market and below-market leases for 2015, 2014, and 2013 were $7.9 million, $8.0 million, and $8.2 million, respectively. If a lease were to be terminated prior to its stated expiration, all unamortized amounts relating to that lease would be recorded to revenue or expense as appropriate.
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The following table presents the estimated impact during the next five years and thereafter related to the amortization of the acquired above-market and below-market lease intangibles and the amortization of the in-place lease intangibles for properties held for investment at December 31, 2015 (in thousands):
Net increase
Increase to
(decrease) to
amortization
rental revenue
expense
(8,075
89,858
(8,019
88,669
(7,771
86,174
(6,781
76,109
(6,108
70,915
45,569
380,591
8,815
792,316
5. Credit Facility
In June 2015, we entered into a new $2.0 billion unsecured revolving credit facility, or our new credit facility, which replaced our $1.5 billion credit facility that was scheduled to expire in May 2016. The initial term of our new credit facility expires in June 2019 and includes, at our option, two six-month extensions. Our new credit facility has a $1.0 billion accordion expansion option. Under our new credit facility, our current investment grade credit ratings provide for financing at the London Interbank Offered Rate, commonly referred to as LIBOR, plus 0.90% with a facility commitment fee of 0.15%, for all-in drawn pricing of 1.05% over LIBOR. The borrowing rate is subject to an interest rate floor. We also have other interest rate options available to us under our new credit facility. Our new credit facility is unsecured and, accordingly, we have not pledged any assets as collateral for this obligation.
At December 31, 2015, credit facility origination costs of $10.2 million are included in other assets, net on our consolidated balance sheet. This balance includes $9.1 million of new credit facility origination costs incurred during 2015 as a result of entering into our new credit facility. These costs, as well as a portion of the costs incurred as a result of entering into our previous credit facilities, are being amortized over the remaining term of our new credit facility.
At December 31, 2015, we had a borrowing capacity of $1.76 billion available on our new credit facility (subject to customary conditions to borrowing) and an outstanding balance of $238.0 million, as compared to an outstanding balance of $223.0 million at December 31, 2014.
The weighted average interest rate on outstanding borrowings under our credit facilities was 1.2% during 2015 and 2014. At December 31, 2015, the effective interest rate was 1.2%. Our new and previous credit facilities are and were subject to various leverage and interest coverage ratio limitations, and at December 31, 2015, we remain in compliance with the covenants on our new credit facility.
6. Mortgages Payable
During 2015, we made $198.4 million in principal payments, including the repayment of 13 mortgages in full for $191.0 million. No mortgages were assumed during 2015.
During 2014, we made $85.2 million in principal payments, including the repayment of six mortgages in full for $77.8 million. Additionally, during 2014 we assumed mortgages totaling $166.7 million, excluding net premiums. The mortgages are secured by the properties on which the debt was placed. We expect to pay off the mortgages as soon as prepayment penalties make it economically feasible to do so.
During 2014, aggregate net premiums totaling $604,000 were recorded upon assumption of the mortgages for above-market interest rates. Amortization of our net premiums is recorded as a reduction to interest expense over the remaining term of the respective mortgages, using a method that approximates the effective-interest method.
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These mortgages contain customary covenants, such as limiting our ability to further mortgage each applicable property or to discontinue insurance coverage without the prior consent of the lender. At December 31, 2015, we remain in compliance with these covenants.
We did not incur any deferred financing costs on our mortgages assumed in 2014. The balance of our deferred financing costs, which are classified as part of other assets, net, on our consolidated balance sheets, was $553,000 at December 31, 2015 and $827,000 at December 31, 2014. These costs are being amortized over the remaining term of each mortgage.
The following is a summary of all our mortgages payable as of December 31, 2015 and December 31, 2014, respectively (dollars in thousands):
Weighted
Average
Stated
Effective
Remaining
Unamortized
Mortgage
Years Until
Principal
Premium
As Of
Properties(1)
Rate(2)
Rate(3)
Balance
Balance, net
12/31/15
183
4.9%
4.1%
637,658
9,082
12/31/14
241
5.0%
4.0%
836,011
16,564
(1) At December 31, 2015, there were 44 mortgages on 183 properties, while at December 31, 2014, there were 57 mortgages on 241 properties. The mortgages require monthly payments, with principal payments due at maturity. The mortgages are at fixed interest rates, except for four mortgages on 13 properties totaling $51.1 million at December 31, 2015, including net unamortized discounts. At December 31, 2014, five mortgages on 14 properties totaling $74.5 million, including net unamortized discounts, were at variable interest rates. After factoring in arrangements which limit our exposure to interest rate risk and effectively fix our per annum interest rates, our variable rate mortgage debt includes two mortgages totaling $15.5 million at December 31, 2015, and three mortgages totaling $39.1 million at December 31, 2014.
(2) Stated interest rates ranged from 2.0% to 6.9% at December 31, 2015 and December 31, 2014.
(3) Effective interest rates ranged from 2.2% to 8.9% at December 31, 2015, while effective interest rates ranged from 2.2% to 9.0% at December 31, 2014.
The following table summarizes the maturity of mortgages payable, excluding net premiums of $9.1 million, as of December 31, 2015 (dollars in millions):
7. Term Loans
In June 2015, in conjunction with entering into our new credit facility, we entered into a $250 million senior unsecured term loan maturing on June 30, 2020. Borrowing under this term loan bears interest at the current one month LIBOR, plus 0.95%. In conjunction with this term loan, we also entered into an interest rate swap which effectively fixes our per annum interest rate on this term loan at 2.67%.
In January 2013, in conjunction with our acquisition of American Realty Capital Trust, Inc., or ARCT, we entered into a $70 million senior unsecured term loan maturing January 21, 2018. Borrowing under this term loan bears interest at the current one month LIBOR, plus 1.2%. In conjunction with this term loan, we also entered into an interest rate swap which effectively fixes our per annum interest rate on this term loan at 2.15%.
Deferred financing costs of $1.2 million incurred in conjunction with the $250 million term loan and $303,000 incurred in conjunction with the $70 million term loan are being amortized over the remaining terms of each term loan. The net balance of these deferred financing costs, which was $1.2 million at December 31, 2015, and $187,000 at December 31, 2014, is included in other assets, net on our consolidated balance sheets.
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8. Notes Payable
A. General
Our senior unsecured notes and bonds consisted of the following, sorted by maturity date (dollars in millions):
5.5% notes, issued in November 2003 and due in November 2015
5.875% bonds, $100 issued in March 2005 and $150 issued in
June 2011, both due in March 2035
3,800
(15
3,785
The following table summarizes the maturity of our notes and bonds payable as of December 31, 2015, excluding unamortized original issuance discounts (dollars in millions):
Year of Maturity
2,300
As of December 31, 2015, the weighted average interest rate on our notes and bonds payable was 4.7% and the weighted average remaining years until maturity was 6.5 years.
Interest incurred on all of the notes and bonds was $179.5 million for 2015, $166.5 million for 2014 and $138.9 million for 2013. The interest rate on each of these notes and bonds is fixed.
Our outstanding notes and bonds are unsecured; accordingly, we have not pledged any assets as collateral for these or any other obligations. Interest on all of the senior note and bond obligations is paid semiannually.
All of these notes and bonds contain various covenants, including: (i) a limitation on incurrence of any debt which would cause our debt to total adjusted assets ratio to exceed 60%; (ii) a limitation on incurrence of any secured debt which would cause our secured debt to total adjusted assets ratio to exceed 40%; (iii) a limitation on incurrence of any debt which would cause our debt service coverage ratio to be less than 1.5 times; and (iv) the maintenance at all times of total unencumbered assets not less than 150% of our outstanding unsecured debt. At December 31, 2015, we remain in compliance with these covenants.
B. Note Issuances
In September 2014, we issued $250 million of 4.125% senior unsecured notes due October 2026, or the 2026 Notes. The price to the investors for the 2026 Notes was 99.499% of the principal amount for an effective yield of 4.178% per annum. A portion of the total net proceeds of approximately $246.4 million from this offering were used to repay all outstanding borrowings under our credit facility, and the remaining proceeds were used for other general corporate purposes, including additional property acquisitions.
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In June 2014, we issued $350 million of 3.875% senior unsecured notes due July 2024, or the 2024 Notes. The price to the investors for the 2024 Notes was 99.956% of the principal amount for an effective yield of 3.88% per annum. The total net proceeds of approximately $346.7 million from these offerings were used to repay a portion of the outstanding borrowings under our previous credit facility.
C. Note Repayment
In November 2015, we repaid $150 million of outstanding 5.5% notes, plus accrued and unpaid interest, using proceeds from our October 2015 common stock offering and our new credit facility.
9. Redemption of Preferred Stock
In September 2014, we issued an irrevocable notice of redemption for all 8.8 million shares of our 6.75% Monthly Income Class E Preferred Stock for $25 per share, plus accrued dividends. The redemption occurred in October 2014. We incurred a charge of $6.0 million, representing the Class E preferred stock original issuance costs that we paid in 2006.
10. Issuance of Common Stock
In April 2014, we issued 13,800,000 shares of common stock, including 1,800,000 shares purchased by the underwriters upon the exercise of their option to purchase additional shares. After underwriting discounts and other offering costs of $22.8 million, the net proceeds of $528.6 million were used to repay borrowings under our previous credit facility.
11. Noncontrolling Interests
In January 2013, we completed our acquisition of ARCT. We issued a total of 45,573,144 shares of our common stock to ARCT shareholders and we received 208,709 shares of our common stock that were previously held by ARCT. The total value of the 45,573,144 common shares was approximately $2 billion.
Equity issued as consideration for this transaction included common and preferred partnership units issued by Tau Operating Partnership, L.P., or Tau Operating Partnership, the consolidated subsidiary which owns properties acquired through the ARCT acquisition. Realty Income and its subsidiaries hold a 99.4% interest in Tau Operating Partnership, and consolidate the entity.
In June 2013, we completed the acquisition of a portfolio of properties by issuing common partnership units in a newly formed entity, Realty Income, L.P. The units were issued as consideration for the acquisition. At December 31, 2015, the remaining units from this issuance represent a 1.4% ownership in Realty Income, L.P. Realty Income holds the remaining 98.6% interests in this entity and consolidates the entity.
A. Neither of the common partnership units have voting rights. Both common partnership units are entitled to monthly distributions equal to the amount paid to common stockholders of Realty Income, and are redeemable in cash or Realty Income common stock, at our option, and at a conversion ratio of one to one, subject to certain exceptions. Noncontrolling interests with redemption provisions that permit the issuer to settle in either cash or common stock, at the option of the issuer, were evaluated to determine whether temporary or permanent equity classification on the balance sheet was appropriate. We determined that the units meet the requirements to qualify for presentation as permanent equity.
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The following table represents the change in the carrying value of all noncontrolling interests through December 31, 2015 (dollars in thousands):
Tau Operating
Realty Income, L.P.
Partnership units
units
Carrying value at December 31, 2014
13,067
14,631
836
(1,887
Redemptions
(722
(930
Allocation of net income
860
Carrying value at December 31, 2015
13,410
8,327
Carrying value at December 31, 2013
13,489
22,422
(695
(1,144
273
(1) 317,022 Tau Operating Partnership units were issued on January 22, 2013 and remained outstanding as of December 31, 2015 and December 31, 2014.
(2) 534,546 Realty Income, L.P. units were issued on June 27, 2013, 499,546 units were outstanding as of December 31, 2014, and 331,364 remain outstanding as of December 31, 2015.
During 2015 and 2014, we recorded net equity reclassification adjustments of $1.1 million and $6.6 million, respectively, between noncontrolling interests and additional paid in capital to adjust the carrying value of noncontrolling interests to be in-line with their equity ownership interests in the entities.
B. The Tau Operating Partnership preferred units were recorded at fair value as of the date of acquisition. Since they were redeemable at a fixed price on a determinable date, we initially classified them in other liabilities on our consolidated balance sheets. Payments on these preferred units were made monthly at a rate of 2% per annum and were included in interest expense. As of December 31, 2014, the preferred units had a carrying value of $6.75 million. In January 2015, we redeemed all 6,750 Tau Operating Partnership preferred units for $1,000 per unit, plus accrued and unpaid distributions.
12. Distributions Paid and Payable
A. Common Stock
We pay monthly distributions to our common stockholders. The following is a summary of monthly distributions paid per common share 2015 and 2014:
January
0.1821667
0.1517500
February
0.1809167
March
April
0.1824792
0.1812292
May
June
July
0.1827917
0.1815417
August
September
October
0.1831042
0.1818542
November
December
2.2714167
2.1916254
2.1474587
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The following presents the federal income tax characterization of distributions paid or deemed to be paid per common share for the years:
Ordinary income
1.7307023
1.6483522
1.3153791
Nontaxable distributions
0.5407144
0.5432732
0.8320796
At December 31, 2015, a distribution of $0.191 per common share was payable and was paid in January 2016. At December 31, 2014, a distribution of $0.1834167 per common share was payable and was paid in January 2015.
B. Class E Preferred Stock
Prior to the redemption of the Class E preferred stock in October 2014, dividends of $0.140625 per share were paid monthly in arrears on the Class E preferred stock. We paid distributions to holders of our Class E preferred stock totaling $12.7 million in 2014 and $14.9 million in 2013. For 2014, dividends paid per share in the amount of $1.4484375 were characterized as ordinary income for federal income tax purposes, while in 2013, dividends paid per share in the amount of $1.6875 were characterized as ordinary income for federal income tax purposes.
C. Class F Preferred Stock
Dividends of $0.138021 per share are paid monthly in arrears on the Class F preferred stock. We declared dividends to holders of our Class F preferred stock totaling $27.1 million in 2015, 2014 and 2013. For 2015, 2014 and 2013, dividends paid per share of $1.656252 were characterized as ordinary income for federal income tax purposes. At December 31, 2015, a monthly dividend of $0.138021 per share was payable and was paid in January 2016. We are current in our obligations to pay dividends on our Class F preferred stock.
13. Operating Leases
A. At December 31, 2015, we owned 4,538 properties in 49 states and Puerto Rico, plus an additional eight properties owned by Crest. Of the 4,538 properties, 4,519, or 99.6%, are single-tenant properties, and the remaining are multi-tenant properties. At December 31, 2015, 71 properties were available for lease or sale.
Substantially all leases are net leases where the tenant pays property taxes and assessments, maintains the interior and exterior of the building and leased premises, and carries insurance coverage for public liability, property damage, fire and extended coverage.
Rent based on a percentage of a tenants’ gross sales (percentage rents) was $4.5 million for 2015, $3.6 million for 2014 and $2.9 million for 2013.
At December 31, 2015, minimum future annual rents to be received on the operating leases for the next five years and thereafter are as follows (dollars in thousands):
998,632
984,748
960,857
906,498
857,543
5,539,698
10,247,976
B. Major Tenants - No individual tenant’s rental revenue, including percentage rents, represented more than 10% of our total revenue for each of the years ended December 31, 2015, 2014 or 2013.
14. Gain on Sales of Real Estate
During 2014, we sold 46 investment properties for $107.2 million, which resulted in a gain of $42.1 million. Only the results of operations specifically related to the properties classified as held for sale at December 31, 2013 and sold during the year were reclassified as discontinued operations.
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During 2015, Crest did not sell any properties. Crest sold one property for $820,000 and one property for $597,000 during 2014 and 2013, respectively. Neither of these sales resulted in a gain. The results of operations for these properties have been reclassified as discontinued operations.
15. Fair Value of Financial Instruments
Fair value is defined as the price that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The disclosure for assets and liabilities measured at fair value requires allocation to a three-level valuation hierarchy. This valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. Categorization within this hierarchy is based upon the lowest level of input that is significant to the fair value measurement.
We believe that the carrying values reflected in our consolidated balance sheets reasonably approximate the fair values for cash and cash equivalents, accounts receivable, escrow deposits, loans receivable, line of credit payable, term loans and all other liabilities, due to their short-term nature or interest rates and terms that are consistent with market, except for our notes receivable issued in connection with property sales, mortgages payable and our senior notes and bonds payable, which are disclosed below (dollars in millions):
Carrying value per
Estimated fair
At December 31, 2015
balance sheet
value
17.9
19.4
Mortgages payable assumed in connection with acquisitions, net
646.7
651.5
Notes and bonds payable, net of unamortized original issuance discounts
3,636.7
3,828.1
At December 31, 2014
18.3
20.1
852.6
857.9
3,785.4
4,092.8
The estimated fair values of our notes receivable issued in connection with property sales and our mortgages payable have been calculated by discounting the future cash flows using an interest rate based upon the relevant Treasury yield curve, plus an applicable credit-adjusted spread. Because this methodology includes unobservable inputs that reflect our own internal assumptions and calculations, the measurement of estimated fair values related to our notes receivable and mortgages payable is categorized as level three on the three-level valuation hierarchy.
The estimated fair values of our senior notes and bonds payable are based upon indicative market prices and recent trading activity of our senior notes and bonds payable. Because this methodology includes inputs that are less observable by the public and are not necessarily reflected in active markets, the measurement of the estimated fair values, related to our notes and bonds payable, is categorized as level two on the three-level valuation hierarchy.
We record interest rate swaps on the consolidated balance sheet at fair value. The fair value of our interest rate swaps are based on valuation techniques including discounted cash flow analysis on the expected cash flows of each swap, using both observable and unobservable market-based inputs, including interest rate curves. Because this methodology uses observable and unobservable inputs, the measurement of interest rate swaps is categorized as level two on the three-level valuation hierarchy.
16. Supplemental Disclosures of Cash Flow Information
Cash paid for interest was $229.5 million in 2015, $207.3 million in 2014, and $166.1 million in 2013.
Interest capitalized to properties under development was $594,000 in 2015, $444,000 in 2014, and $537,000 in 2013.
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Cash paid for income taxes was $3.1 million in 2015, $3.7 million in 2014, and $2.1 million in 2013.
The following non-cash activities are included in the accompanying consolidated financial statements:
A. See “Provisions for Impairment” in note 2 for a discussion of provisions for impairments recorded by Realty Income and Crest.
B. See note 9 for a discussion of the $6.0 million excess of redemption value over carrying value of preferred shares subject to redemption charge recorded by Realty Income during 2014.
C. During 2014, we assumed mortgages payable to third-party lenders of $166.7 million, recorded $604,000 of net premiums, and recorded $901,000 of interest rate swap value to other assets, net, related to property acquisitions. During 2013, we assumed mortgages payable (excluding the mortgages payable discussed in items D and E) of $81.3 million to third-party lenders and recorded $6.1 million of net premiums related to property acquisitions.
D. During 2013, the following components were acquired in connection with our acquisition of ARCT: (1) real estate investments and related intangible assets of $3.2 billion, (2) other assets of $19.5 million, (3) lines of credit payable of $317.2 million, (4) a term loan for $235.0 million, (5) mortgages payable of $539.0 million, (6) intangible liabilities of $79.7 million, (7) other liabilities of $29.0 million, and (8) noncontrolling interests of $14.0 million.
E. During 2013, we acquired $55.9 million of real estate through the assumption of a $32.4 million mortgage payable, the issuance of 534,546 units by Realty Income, L.P. and cash of $1.0 million.
F. During 2014, we applied $48.9 million of loans receivable to the purchase price of five acquired properties.
G. During 2014, we acquired real estate for $11.6 million via exchanges of our properties. During 2013, we acquired real estate for $7.4 million via exchanges of our properties.
H. During 2013, we recorded receivables of $1.9 million for the taking of two investment properties as a result of an eminent domain action.
I. Accrued costs on properties under development resulted in an increase in buildings and improvements and accounts payable of $4.0 million and $5.5 million at December 31, 2014 and 2013, respectively.
17. Employee Benefit Plan
We have a 401(k) plan covering substantially all of our employees. Under our 401(k) plan, employees may elect to make contributions to the plan up to a maximum of 60% of their compensation, subject to limits under the Code. We match 50% of each of our employee’s salary deferrals up to the first 6% of the employee’s eligible compensation. Our aggregate matching contributions each year have been immaterial to our results of operations.
18. Common Stock Incentive Plan
In 2012, our Board of Directors adopted and stockholders approved the Realty Income Corporation 2012 Incentive Award Plan, or the 2012 Plan, to enable us to motivate, attract and retain the services of directors and employees considered essential to our long-term success. The 2012 Plan offers our directors and employees an opportunity to own stock in Realty Income or rights that will reflect our growth, development and financial success. Under the terms of the 2012 plan, the aggregate number of shares of our common stock subject to options, restricted stock, stock appreciation rights, restricted stock units and other awards, will be no more than 3,985,734 shares. The 2012 Plan has a term of ten years from the date it was adopted by our Board of Directors.
The amount of share-based compensation costs recognized in general and administrative expense on our consolidated statements of income was $10.4 million during 2015, $12.0 million during 2014, and $20.8 million during 2013.
A. Restricted Stock
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The following table summarizes our common stock grant activity under our 2012 Plan. Our outstanding restricted stock vests over periods ranging from immediately to five years.
shares
average price
Outstanding nonvested
shares, beginning of year
527,176
29.02
722,263
23.37
895,550
19.94
Shares granted
161,949
50.87
262,655
39.87
484,060
41.13
Shares vested
(205,248
37.70
(440,348
36.88
(654,650
30.91
Shares forfeited
(27,595
45.58
(17,394
39.07
(2,697
37.30
shares, end of each period
456,282
30.46
(1) Grant date fair value.
During 2015, we issued 161,949 shares of common stock under the 2012 Plan. These shares generally vest over a five- year service period. However, one grant of 4,964 shares vested immediately, and of the 28,000 shares which are granted annually to our Board of Directors, 12,000 shares vested immediately, 8,000 shares vest in one year following the grant (assuming continued service), and 8,000 shares vest over a three year service period. Not included in the table above are 10,269 restricted stock units granted during 2015 that vest over a five year service period and have the same economic rights as shares of restricted stock.
The vesting schedule for shares granted to non-employee directors is as follows:
- For directors with less than six years of service at the date of grant, shares vest in 33.33% increments on each of the first three anniversaries of the date the shares of stock are granted;
- For directors with six years of service at the date of grant, shares vest in 50% increments on each of the first two anniversaries of the date the shares of stock are granted;
- For directors with seven years of service at the date of grant, shares are 100% vested on the first anniversary of the date the shares of stock are granted; and
- For directors with eight or more years of service at the date of grant, there is immediate vesting as of the date the shares of stock are granted.
For shares granted on or after January 1, 2015, shares granted to employees typically vest in 20% increments on each of the first five anniversaries of the grant date. For shares granted prior to December 2014, the typical vesting schedule for shares granted to employees was as follows:
- For employees age 55 and below at the grant date, shares vest in 20% increments on each of the first five anniversaries of the grant date;
- For employees age 56 at the grant date, shares vest in 25% increments on each of the first four anniversaries of the grant date;
- For employees age 57 at the grant date, shares vest in 33.33% increments on each of the first three anniversaries of the grant date;
- For employees age 58 at the grant date, shares vest in 50% increments on each of the first two anniversaries of the grant date;
- For employees age 59 at the grant date, shares are 100% vested on the first anniversary of the grant date; and
- For employees age 60 and above at the grant date, shares vest immediately on the grant date.
After being employed for six full months, all non-executive employees receive approximately 200 shares of restricted stock which vests over a five year period. Additionally, depending on certain company performance metrics or attainment of individual achievements, non-executive employees may receive grants of restricted stock which vests over a five year period.
As of December 31, 2015, the remaining unamortized share-based compensation expense related to restricted stock totaled $13.9 million, which is being amortized on a straight-line basis over the service period of each applicable award. The amount of share-based compensation is based on the fair value of the stock at the grant date. We define the grant date as the date the recipient and Realty Income have a mutual understanding of the key terms and condition of the award, and the recipient of the grant begins to benefit from, or be adversely affected by, subsequent changes in the price of the shares.
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Due to a historically low turnover rate, we do not estimate a forfeiture rate for our nonvested shares. Accordingly, unexpected forfeitures will lower share-based compensation expense during the applicable period. Under the terms of our 2012 Plan, we pay non-refundable dividends to the holders of our nonvested shares. Applicable accounting guidance requires that the dividends paid to holders of these nonvested shares be charged as compensation expense to the extent that they relate to nonvested shares that do not or are not expected to vest. However, since we do not estimate forfeitures given our historical trends, we did not record any compensation expense related to dividends paid in 2015, 2014, or 2013.
As of December 31, 2015, 2014 and 2013, there were no common stock options outstanding for any of the periods presented.
B. Performance Shares
During 2015 and 2014, we granted performance share awards, as well as dividend equivalent rights, to our executive officers. The number of performance shares that vest is based on the achievement of the following performance goals:
2015 Performance Awards
Metrics
Weighting
Total shareholder return (“TSR”) relative to MSCI US REIT Index
50%
TSR relative to NAREIT Freestanding Index
20%
Dividend per share growth rate
Debt-to-EBITDA ratio
10%
2014 Performance Awards
TSR relative to MSCI US REIT Index
60%
The performance shares are earned based on our performance, and vest 50% on the first and second January 1 after the end of the three year performance period, subject to continued service. The performance period for the 2014 performance awards began on January 1, 2014 and will end on December 31, 2016. The performance period for the 2015 performance awards began on January 1, 2015 and will end on December 31, 2017.
The fair value of the performance shares was estimated on the date of grant using a Monte Carlo Simulation model. The following table summarizes our performance share grant activity:
performance
average
price
Outstanding nonvested shares, beginning of year
59,405
41.46
55,716
52.78
71,705
(4,067
(8,233
Outstanding nonvested shares, end of each period
115,121
46.94
As of December 31, 2015, the remaining share-based compensation expense related to the performance shares totaled $3.2 million. The portion related to the market-based awards is being recognized on a straight-line basis over the service period, and the portion related to the performance-based awards is being recognized on a tranche-by-tranche basis over the service period.
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19. Dividend Reinvestment and Stock Purchase Plan
Our Dividend Reinvestment and Stock Purchase Plan, or the DRSPP, provides our common stockholders, as well as new investors, with a convenient and economical method of purchasing our common stock and reinvesting their distributions. The DRSPP also allows our current stockholders to buy additional shares of common stock by reinvesting all or a portion of their distributions. The DRSPP authorizes up to 26,000,000 common shares to be issued. During 2015, we issued 7,608,354 shares and raised approximately $363.0 million under the DRSPP. During 2014, we issued 3,527,166 shares and raised approximately $158.5 million under the DRSPP. During 2013, we issued 1,449,139 shares and raised approximately $55.6 million under the DRSPP. From the inception of the DRSPP through December 31, 2015, we have issued 12,699,862 shares and raised approximately $581.6 million.
In 2013, we revised our DRSPP so that we would pay for a majority of the plan-related fees, which were previously paid by investors, and to institute a waiver approval process, allowing larger investors or institutions, per a formal approval process, to purchase shares at a small discount, if approved by us. During 2015, we issued 7,413,207 shares and raised $353.7 million under the waiver approval process. In 2014, we issued 3,330,556 shares and raised $150.0 million under the waiver approval process. In 2013, we issued 1,308,490 shares and raised $50.0 million under the waiver approval process. These shares are included in the total activity noted in the preceding paragraph.
20. At-the-Market (ATM) Program
21. Segment Information
We evaluate performance and make resource allocation decisions on an industry by industry basis. For financial reporting purposes, we have grouped our tenants into 48 activity segments. All of the properties are incorporated into one of the applicable segments. Because almost all of our leases require the tenant to pay operating expenses, rental revenue is the only component of segment profit and loss we measure.
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The following tables set forth certain information regarding the properties owned by us, classified according to the business of the respective tenants (dollars in thousands):
Assets, as of December 31:
Segment net real estate:
Apparel
180,175
185,237
129,328
120,660
247,200
255,447
297,724
302,001
52,392
54,194
724,972
752,047
1,158,948
1,165,560
1,384,506
1,036,697
254,022
262,095
331,565
341,773
839,872
546,583
220,018
227,084
268,974
227,733
Restaurants-casual dining
419,455
449,211
Restaurants-quick service
467,643
336,753
371,617
375,982
686,041
661,053
Wholesale club
452,563
465,569
30 other non-reportable segments
2,131,869
2,015,861
Total segment net real estate
Intangible assets:
48,116
52,444
19,131
2,909
13,202
14,871
2,538
16,040
17,535
56,420
58,691
189,433
194,905
34,626
39,564
42,823
46,964
65,037
66,460
29,950
35,017
42,630
35,726
9,392
10,649
32,612
16,415
17,673
21,601
92,602
101,040
36,215
39,707
Other non-reportable segments
285,977
282,429
Goodwill:
448
451
865
5,034
5,095
2,009
2,023
2,215
2,279
1,082
1,085
3,668
3,672
Other corporate assets
197,248
175,888
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Revenue for the years ended December 31,
Segment rental revenue:
19,819
17,674
13,851
18,632
16,548
15,606
28,627
28,222
27,002
25,451
25,147
24,848
19,949
20,022
20,705
90,093
89,754
83,973
88,126
85,049
46,742
103,324
84,625
60,529
17,044
16,828
14,904
29,506
27,270
22,317
75,881
62,086
46,979
16,057
16,039
14,358
23,112
15,593
11,456
37,645
38,473
38,149
41,407
33,388
32,340
49,456
47,102
46,122
51,745
46,287
40,552
37,391
36,588
29,448
203,600
186,762
158,337
Total rental revenue
Other revenue
22. Commitments and Contingencies
In the ordinary course of business, we are party to various legal actions which we believe are routine in nature and incidental to the operation of our business. We believe that the outcome of the proceedings will not have a material adverse effect upon our consolidated financial position or results of operations.
At December 31, 2015, we had commitments of $714,000 for re-leasing costs, recurring capital expenditures, and non-recurring building improvements. In addition, as of December 31, 2015, we had committed $70.6 million under construction contracts, which is expected to be paid in the next twelve months.
We have certain properties that are subject to ground leases which are accounted for as operating leases. At December 31, 2015, minimum future rental payments for the next five years and thereafter are as follows (dollars in millions):
Ground Leases
Realty Income
Our Tenants
14.8
14.6
14.4
142.3
215.8
(1) Realty Income currently pays the ground lessors directly for the rent under the ground leases.
(2) Our tenants, who are generally sub-tenants under the ground leases, are responsible for paying the rent under these ground leases. In the event a tenant fails to pay the ground lease rent, we are primarily responsible.
23. Subsequent Events
In January 2016 and February 2016, we declared the following dividends, which will be paid in February 2016 and March 2016, respectively:
· $0.1985 per share to our common stockholders and
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· $0.138021 per share to our Class F preferred stockholders.
During January and February of 2016, we repaid five mortgages in full for $129.6 million.
CONSOLIDATED QUARTERLY FINANCIAL DATA
First
Second
Third
Fourth
2015 (1)
246,867
253,860
258,889
263,668
Depreciation and amortization expense
98,037
101,101
104,338
105,739
58,468
58,680
63,950
51,982
Other expenses
29,999
31,404
29,012
27,962
118,379
67,581
66,350
67,813
83,111
60,494
59,317
60,705
76,171
Net income per common share
0.27
0.26
0.31
0.25
Dividends paid per common share
0.5614167
0.5685000
0.5700000
0.5715000
2014 (1)
221,572
228,646
235,713
247,573
89,970
92,894
95,260
96,537
51,720
52,712
52,814
59,120
26,237
22,783
24,987
38,536
112,543
54,916
62,221
73,627
78,374
3,077
(297
57,993
62,241
78,077
47,179
51,420
57,941
71,018
0.23
0.32
(1) The consolidated quarterly financial data includes revenues and expenses from our continuing and discontinued operations. The results of operations related to certain properties, classified as held for sale or disposed of, have been reclassified to income from discontinued operations. Additionally, tenant reimbursements have been reported as a component of total revenue and reimbursable property expense have been reported as a component of total expenses. Therefore, some of the information may not agree to our previously filed 10-Qs.
(2) Amounts for each period are calculated independently. The sum of the quarters may differ from the annual amount.
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Item 9: Changes In and Disagreements With Accountants on Accounting and Financial Disclosure
We have had no disagreements with our independent registered public accounting firm on accounting matters or financial disclosure, nor have we changed accountants in the two most recent fiscal years.
Item 9A: Controls and Procedures
Evaluation of Disclosure Controls and Procedures
We maintain disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended) that are designed to ensure that information required to be disclosed in our Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. In designing and evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures.
As of and for the year ended December 31, 2015, we carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures, under the supervision and with the participation of management, including our Chief Executive Officer and Chief Financial Officer. Based on the foregoing, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective and were operating at a reasonable assurance level.
Management’s Report on Internal Control Over Financial Reporting
Internal control over financial reporting refers to the process designed by, or under the supervision of, our Chief Executive Officer and Chief Financial Officer, and effected by our Board of Directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles, and includes those policies and procedures that:
(1) Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the Company;
(2) Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the Company; and
(3) Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company’s assets that could have a material effect on the financial statements.
Management is responsible for establishing and maintaining adequate internal control over financial reporting for the Company.
Management has used the framework set forth in the report entitled “Internal Control--Integrated Framework (2013)” published by the Committee of Sponsoring Organizations of the Treadway Commission to evaluate the effectiveness of the Company’s internal control over financial reporting. Management has concluded that the Company’s internal control over financial reporting was effective as of the end of the most recent fiscal year. KPMG LLP has issued an attestation report on the effectiveness of the Company’s internal control over financial reporting.
Submitted on February 11, 2016 by,
John P. Case, Chief Executive Officer
Paul M. Meurer, Executive Vice President, Chief Financial Officer, and Treasurer
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Changes in Internal Controls
There were no changes to our internal control over financial reporting that occurred during the quarter ended December 31, 2015 that have materially affected, or are reasonably likely to material affect, our internal control over financial reporting. As of December 31, 2015, there were no material weaknesses in our internal controls, and therefore, no corrective actions were taken.
Limitations on the Effectiveness of Controls
Internal control over financial reporting cannot provide absolute assurance of achieving financial reporting objectives because of its inherent limitations. Internal control over financial reporting is a process that involves human diligence and compliance and is subject to lapses in judgment and breakdowns resulting from human failures. Internal control over financial reporting also can be circumvented by collusion or improper management override. Because of such limitations, there is a risk that material misstatements may not be prevented or detected on a timely basis by internal control over financial reporting. However, these inherent limitations are known features of the financial reporting process. Therefore, it is possible to design into the process safeguards to reduce, though not eliminate, this risk.
Item 9B: Other Information
Item 10: Directors, Executive Officers and Corporate Governance
The information required by this item is set forth under the captions “Board of Directors” and “Executive Officers of the Company” and “Section 16(a) Beneficial Ownership Reporting Compliance” in our definitive Proxy Statement for the 2016 Annual Meeting of Stockholders, to be filed pursuant to Regulation 14A, and is incorporated herein by reference. The Annual Meeting of Stockholders is presently scheduled to be held on May 17, 2016.
Item 11: Executive Compensation
The information required by this item is set forth under the caption “Executive Compensation” in our definitive Proxy Statement for the 2016 Annual Meeting of Stockholders, to be filed pursuant to Regulation 14A, and is incorporated herein by reference.
Item 12: Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
The information required by this item is set forth under the caption “Security Ownership of Certain Beneficial Owners and Management” in our definitive Proxy Statement for the 2016 Annual Meeting of Stockholders, to be filed pursuant to Regulation 14A, and is incorporated herein by reference.
Item 13: Certain Relationships, Related Transactions and Director Independence
The information required by this item is set forth under the caption “Related Party Transactions” in our definitive Proxy Statement for the 2016 Annual Meeting of Stockholders, to be filed pursuant to Regulation 14A, and is incorporated herein by reference.
Item 14: Principal Accounting Fees and Services
The information required by this item is set forth under the caption “Independent Registered Public Accounting Firm Fees and Services” in our definitive Proxy Statement for the 2016 Annual Meeting of Stockholders, to be filed pursuant to Regulation 14A, and is incorporated herein by reference.
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Item 15: Exhibits and Financial Statement Schedules
A. The following documents are filed as part of this report.
1. Financial Statements (see Item 8)
a. Reports of Independent Registered Public Accounting Firm
b. Consolidated Balance Sheets,
c. Consolidated Statements of Income,
Years ended December 31, 2015, 2014 and 2013
d. Consolidated Statements of Equity,
e. Consolidated Statements of Cash Flows,
f. Notes to Consolidated Financial Statements
g. Consolidated Quarterly Financial Data,
(unaudited) for 2015 and 2014
2. Financial Statement Schedule. Reference is made to page F-1 of this report for Schedule III Real Estate and Accumulated Depreciation (electronically filed with the Securities and Exchange Commission).
Schedules not Filed: All schedules, other than those indicated in the Table of Contents, have been omitted as the required information is either not material, inapplicable or the information is presented in the financial statements or related notes.
3. Exhibits
Articles of Incorporation and By-Laws
Exhibit No.
Description
Agreement and Plan of Merger, dated as of September 6, 2012, by and among Realty Income Corporation, Tau Acquisition LLC and American Realty Capital Trust, Inc. (filed as exhibit 2.1 to the Company’s Form 8-K, filed on September 6, 2012 and incorporated herein by reference).
First Amendment to Agreement and Plan of Merger, dated as of January 6, 2013, by and among Realty Income Corporation, Tau Acquisition LLC and American Realty Capital Trust, Inc. (filed as exhibit 2.1 to the Company’s Form 8-K, filed on January 7, 2013 and incorporated herein by reference).
Articles of Incorporation of the Company, as amended by amendment No. 1 dated May 10, 2005 and amendment No. 2 dated May 10, 2005 (filed as exhibit 3.1 to the Company’s Form 10-Q for the quarter ended June 30, 2005 and incorporated herein by reference), amendment No. 3 dated July 29, 2011 (filed as exhibit 3.1 to the Company’s Form 8-K, filed on August 2, 2011 and incorporated herein by reference); and amendment No. 4 dated
June 21, 2012 (filed as exhibit 3.1 to the Company’s Form 8-K, filed on June 21, 2012 and incorporated herein by reference).
Amended and Restated Bylaws of the Company dated June 16, 2015 (filed as exhibit 3.1 to the Company’s Form 8-K filed on June 17, 2015 and incorporated herein by reference)
Articles Supplementary to the Articles of Incorporation of the Company classifying and designating the 6.625% Monthly Income Class F Cumulative Redeemable Preferred Stock, dated February 3, 2012 (the “First Class F Articles Supplementary”) (filed as exhibit 3.1 to the Company’s Form 8-K, filed on February 3, 2012 and incorporated herein by reference).
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Certificate of Correction to the First Class F Articles Supplementary, dated April 11, 2012 (filed as exhibit 3.2 to the Company’s Form 8-K, filed on April 17, 2012 and incorporated herein by reference).
Articles Supplementary to the Articles of Incorporation of the Company classifying and designating additional shares of the 6.625% Monthly Income Class F Cumulative Redeemable Preferred Stock, dated April 17, 2012 (filed as exhibit 3.3 to the Company’s Form 8-K, filed on April 17, 2012 and incorporated herein by reference).
Instruments defining the rights of security holders, including indentures
Indenture dated as of October 28, 1998 between the Company and The Bank of New York (filed as exhibit 4.1 to the Company’s Form 8-K, filed on October 28, 1998 and incorporated herein by reference).
Form of 5.50% Senior Notes due 2015 (filed as exhibit 4.2 to the Company’s Form 8-K, filed on November 24, 2003 and incorporated herein by reference).
Officer’s Certificate pursuant to sections 201, 301 and 303 of the Indenture dated October 28, 1998 between the Company and The Bank of New York, as Trustee, establishing a series of securities entitled 5.50% Senior Notes due 2015 (filed as exhibit 4.3 to the Company’s Form 8-K, filed on November 24, 2003 and incorporated herein by reference).
Form of 5.875% Senior Notes due 2035 (filed as exhibit 4.2 to the Company’s Form 8-K, filed on March 11, 2005 and incorporated herein by reference).
Officer’s Certificate pursuant to sections 201, 301 and 303 of the Indenture dated October 28, 1998 between the Company and The Bank of New York, as Trustee, establishing a series of securities entitled 5.875% Senior Debentures due 2035 (filed as exhibit 4.3 to the Company’s Form 8-K, filed on March 11, 2005 and incorporated herein by reference).
Form of 5.375% Senior Notes due 2017 (filed as exhibit 4.2 to the Company’s Form 8-K, filed on September 16, 2005 and incorporated herein by reference).
Officer’s Certificate pursuant to sections 201, 301 and 303 of the Indenture dated October 28, 1998 between the Company and The Bank of New York, as Trustee, establishing a series of securities entitled 5.375% Senior Notes due 2017 (filed as exhibit 4.3 to the Company’s Form 8-K, filed on September 16, 2005 and incorporated herein by reference).
4.8
Form of 5.95% Senior Notes due 2016 (filed as exhibit 4.2 to the Company’s Form 8-K, filed on September 18, 2006 and incorporated herein by reference).
Officer’s Certificate pursuant to sections 201, 301 and 303 of the Indenture dated October 28, 1998 between the Company and The Bank of New York, as Trustee, establishing a series of securities entitled 5.95% Senior Notes due 2016 (filed as exhibit 4.3 to the Company’s Form 8-K, filed on September 18, 2006 and incorporated herein by reference).
4.10
Form of 6.75% Notes due 2019 (filed as exhibit 4.2 to Company’s Form 8-K, filed on September 5, 2007 and incorporated herein by reference).
4.11
Officer’s Certificate pursuant to sections 201, 301 and 303 of the Indenture dated October 28, 1998 between the Company and The Bank of New York Trust Company, N.A., as Trustee, establishing a series of securities entitled 6.75% Senior Notes due 2019 (filed as exhibit 4.3 to the Company’s Form 8-K, filed on September 5, 2007 and incorporated herein by reference).
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4.12
Form of 5.750% Notes due 2021 (filed as exhibit 4.2 to Company’s Form 8-K, filed on June 29, 2010 and incorporated herein by reference).
4.13
Officer’s Certificate pursuant to sections 201, 301 and 303 of the Indenture dated October 28, 1998 between the Company and The Bank of New York Mellon Trust Company, N.A., as Successor Trustee, establishing a series of securities entitled 5.750% Notes due 2021 (filed as exhibit 4.3 to the Company’s Form 8-K, filed on June 29, 2010 and incorporated herein by reference).
4.14
Form of Common Stock Certificate (filed as exhibit 4.16 to the Company’s Form 10-Q for the quarter ended September 30, 2011 and incorporated herein by reference).
4.15
Form of Preferred Stock Certificate representing the 6.625% Monthly Income Class F Cumulative Redeemable Preferred Stock (filed as exhibit 4.1 to the Company’s Form 8-K, filed on February 3, 2012 and incorporated herein by reference).
4.16
Form of 2.000% Note due 2018 (filed as exhibit 4.2 to Company’s Form 8-K, filed on October 10, 2012 and incorporated herein by reference).
4.17
Form of 3.250% Note due 2022 (filed as exhibit 4.3 to Company’s Form 8-K, filed on October 10, 2012 and incorporated herein by reference).
4.18
Officer’s Certificate pursuant to sections 201, 301 and 303 of the Indenture dated October 28, 1998 between the Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee, establishing a series of securities entitled “2.000% Notes due 2018” and establishing a series of securities entitled “3.250% Notes due 2022” (filed as exhibit 4.4 to the Company’s Form 8-K, filed on October 10, 2012 and incorporated herein by reference).
4.19
Form of 4.650% Note due 2023 (filed as exhibit 4.2 to Company’s Form 8-K, filed on July 16, 2013 and incorporated herein by reference).
4.20
Officer’s Certificate pursuant to sections 201, 301 and 303 of the Indenture dated October 28, 1998 between the Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee, establishing a series of securities entitled “4.650% Notes due 2023” (filed as exhibit 4.3 to the Company’s Form 8-K, filed on July 16, 2013 and incorporated herein by reference).
4.21
Form of 3.875% Note due 2024 (filed as exhibit 4.2 to Company’s Form 8-K, filed on June 25, 2014 and incorporated herein by reference).
4.22
Officer’s Certificate pursuant to sections 201, 301 and 303 of the Indenture dated October 28, 1998 between the Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee, establishing a series of securities entitled “3.875% Notes due 2024” (filed as exhibit 4.3 to the Company’s Form 8-K, filed on June 25, 2014 and incorporated herein by reference).
4.23
Form of 4.125% Note due 2026 (filed as exhibit 4.2 to Company’s Form 8-K, filed on September 23, 2014 and incorporated herein by reference).
4.24
Officer’s Certificate pursuant to sections 201, 301 and 303 of the Indenture dated October 28, 1998 between the Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee, establishing a series of securities entitled “4.125% Notes due 2026” (filed as exhibit 4.3 to the Company’s Form 8-K, filed on September 23, 2014 and incorporated herein by reference).
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Material Contracts
Management Incentive Plan (filed as Exhibit 10.10 to the Company’s Form 10-K for the year ended December 31, 1997 and incorporated herein by reference).
10.2
Form of Nonqualified Stock Option Agreement for Independent Directors (filed as Exhibit 10.11 to the Company’s Form 10-K for the year ended December 31, 1997 and incorporated herein by reference).
10.3
Form of Restricted Stock Agreement between the Company and Executive Officers under the 2003 Stock Incentive Award Plan of Realty Income Corporation (filed as exhibit 10.11 to the Company’s Form 8-K, filed on January 6, 2005 and dated January 1, 2005 and incorporated herein by reference).
10.4
2003 Stock Incentive Award Plan of Realty Income Corporation, as amended and restated February 21, 2006 (filed as exhibit 10.10 to the Company’s Form 10-K for the year ended December 31, 2005 and incorporated herein by reference).
10.5
Amendment dated May 15, 2007 to the Amended and Restated 2003 Stock Incentive Award Plan of Realty Income Corporation (filed as exhibit 10.1 to the Company’s Form 10-Q, for the quarter ended June 30, 2007 and incorporated herein by reference).
Form of Restricted Stock Agreement under the 2003 Stock Incentive Award Plan of Realty Income Corporation (filed as exhibit 10.2 to the Company’s Form 10-Q, for the quarter ended June 30, 2007 and incorporated herein by reference).
Amended and Restated Form of Employment Agreement between the Company and its Executive Officers (filed as exhibit 10.1 to the Company’s Form 8-K, filed on January 7, 2010 and dated January 5, 2010 and incorporated herein by reference).
10.8
Form of Restricted Stock Agreement for John P. Case (filed as exhibit 10.1 to the Company’s Form 10-Q, for the quarter ended March 31, 2010 and incorporated herein by reference).
Realty Income Corporation 2012 Incentive Award Plan (filed as Appendix B to the Company’s Proxy Statement on Schedule 14A filed on March 30, 2012 and incorporated herein by reference).
10.10
Amended and Restated Credit Agreement dated May 10, 2012 (filed as exhibit 10.1 to the Company’s Form 8-K, filed on May 11, 2012 and incorporated herein by reference).
10.11
Form of Restricted Stock Agreement for Employees under the Realty Income Corporation 2012 Incentive Award Plan (filed as exhibit 10.1 to the Company’s Form 8-K, filed on January 8, 2013 and incorporated herein by reference).
10.12
Form of Restricted Stock Agreement for Non-Employee Directors under the Realty Income Corporation 2012 Incentive Award Plan (filed as exhibit 10.2 to the Company’s Form 8-K, filed on January 8, 2013 and incorporated herein by reference).
10.13
Term Loan Agreement, dated as of January 22, 2013, by and among Tau Operating Partnership, L.P. and Lenders (as defined therein) (filed as exhibit 10.1 to the Company’s Form 8-K, filed on January 23, 2013 and incorporated herein by reference).
10.14
The First Amendment to Amended and Restated Credit Agreement among the Company, as Borrower, each of the Lenders party thereto and Wells Fargo Bank, National Association, as Administrative Agent (filed as exhibit 10.1 to the Company’s Form 8-K, filed on June 3, 2013 and incorporated herein by reference).
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10.15
Form of Amendment to Employment Agreement (filed as exhibit 10.1 to the Company’s Form 8-K, filed on June 19, 2013 and incorporated herein by reference).
10.16
Form of Addendum to Restricted Stock Agreement (filed as exhibit 10.2 to the Company’s Form 8-K, filed on June 19, 2013 and incorporated herein by reference).
10.17
The Second Amendment to Amended and Restated Credit Agreement among the Company, as Borrower, each of the Lenders party thereto and Wells Fargo Bank, National Association, as Administrative Agent (filed as exhibit 10.1 to the Company’s Form 8-K, filed on August 28, 2013 and incorporated herein by reference).
10.18
Amended and Restated Employment Agreement dated September 3, 2013 between the Company and John P. Case (filed as exhibit 10.2 to the Company’s Form 8-K, filed on September 6, 2013 and incorporated herein by reference).
10.19
Form of Time-Based Restricted Stock Agreement for John P. Case dated September 3, 2013 (filed as exhibit 10.7 to the Company’s Form 10-Q, for the quarter ended September 30, 2013 and incorporated herein by reference).
10.20
Form of Performance-Based Restricted Stock Agreement for John P. Case dated September 26, 2013 (filed as exhibit 10.8 to the Company’s Form 10-Q, for the quarter ended September 30, 2013 and incorporated herein by reference).
10.21
The Third Amendment to Amended and Restated Credit Agreement among the Company, as Borrower, each of the Lenders party thereto and Wells Fargo Bank, National Association, as Administrative Agent (filed as exhibit 10.1 to the Company’s Form 8-K, filed on October 29, 2013 and incorporated herein by reference).
10.23
Form of Performance Share Award Agreement (filed as exhibit 99.1 to the Company’s Form 8-K, filed on April 11, 2014 and incorporated herein by reference).
10.24
Severance Agreement for Gary M. Malino (filed as exhibit 10.2 to the Company’s Form 10-Q, filed on October 30, 2014 and incorporated herein by reference).
10.25
Amended and Restated Form Indemnification Agreement, between the Company and each executive officer and each director of the Board of Directors of the Company (filed as exhibit 10.1 to the Company’s Form 8-K, filed on October 30, 2014 and incorporated herein by reference).
10.26
Form of Performance Share Award Agreement (filed as exhibit 10.1 to the Company’s Form 10-Q, filed on April 30, 2015 and incorporated herein by reference).
10.27
Dividend Reinvestment and Stock Purchase Plan (filed pursuant to Rule 424(b)(5) under the Securities Act of 1933, as amended, on February 23, 2015, as a prospectus supplement to the Company’s prospectus dated February 22, 2013 (File No. 333-186788) and incorporated herein by reference).
10.28
Credit Agreement dated June 30, 2015 (filed as exhibit 10.1 to the Company’s Form 8-K, filed on July 2, 2015 and incorporated herein by reference).
10.29
Dividend Reinvestment and Stock Purchase Plan (filed pursuant to Rule 424(b)(5) under the Securities Act of 1933, as amended, on July 30, 2015, as a prospectus supplement to the Company’s prospectus dated February 22, 2013 (File No. 333-186788) and incorporated herein by reference).
10.30*
Form of Restricted Stock Agreement.
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10.31*
Form of Restricted Stock Unit Award Agreement.
10.32*
Form of Second Amendment to Employment Agreement.
Statement of Ratios
*12.1
Statements re computation of ratios.
Subsidiaries of the Registrant
*21.1
Subsidiaries of the Company as of February 11, 2016.
Consents of Experts and Counsel
*23.1
Consent of Independent Registered Public Accounting Firm.
Certifications
*31.1
Rule 13a-14(a) Certifications as filed by the Chief Executive Officer pursuant to SEC release No. 33-8212 and 34-47551.
*31.2
Rule 13a-14(a) Certifications as filed by the Chief Financial Officer pursuant to SEC release No. 33-8212 and 34-47551.
*32
Section 1350 Certifications as furnished by the Chief Executive Officer and the Chief Financial Officer pursuant to SEC release No. 33-8212 and 34-47551.
Interactive Data Files
*101
The following materials from Realty Income Corporation’s Annual Report on Form 10-K for the year ended December 31, 2015, formatted in Extensible Business Reporting Language: (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Income, (iii) Consolidated Statements of Stockholders’ Equity, (iv) Consolidated Statements of Cash Flows, (v) Notes to Consolidated Financial Statements, and (vi) Schedule III Real Estate and Accumulated Depreciation.
* Filed herewith.
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Pursuant to the requirements of Section 13 or 15(d) the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
By:
/s/JOHN P. CASE
Date: February 11, 2016
John P. Case
Chief Executive Officer
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
/s/MICHAEL D. MCKEE
Michael D. McKee
Non-Executive Chairman of the Board of Directors
/s/KATHLEEN R. ALLEN, Ph.D.
Kathleen R. Allen, Ph.D.
Director
Director, Chief Executive Officer
(Principal Executive Officer)
/s/A. LARRY CHAPMAN
A. Larry Chapman
/s/PRIYA CHERIAN HUSKINS
Priya Cherian Huskins
/s/GREGORY T. MCLAUGHLIN
Gregory T. McLaughlin
/s/RONALD L. MERRIMAN
Ronald L. Merriman
/s/STEPHEN E. STERRETT
Stephen E. Sterrett
/s/PAUL M. MEURER
Paul M. Meurer
Executive Vice President, Chief Financial Officer and Treasurer
(Principal Financial Officer)
/s/SEAN P. NUGENT
Sean P. Nugent
Vice President, Controller
(Principal Accounting Officer)
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SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2015
Cost Capitalized
Life on
Subsequent
Gross Amount at Which Carried
which
Initial Cost to Company
to Acquisition
at Close of Period (Notes 3, 4, 6 and 7)
depreciation
Buildings,
in latest
Improvements
Accumulated
Statement
Encumbrances
Acquisition
Carrying
Depreciation
Date of
Date
is Computed
(Note 1)
(Note 2)
Fees
Costs
(Note 5)
Construction
Acquired
(in Months)
Batesville
MS
5,883,101
2,160,849
17,219,291
None
19,380,140
2,324,604
8/9/2012
300
Ellisville
4,140,000
20,930,630
6,981
20,937,611
25,077,611
1,520,748
6/27/2013
420
Columbus
OH
14,867,871
19,637,318
1,426,043
6/19/2013
DFW Airport
TX
37,503,886
13,600
37,517,486
6,815,143
6/20/2011
Lufkin
589,925
15,492,255
16,082,180
1,309,464
1/22/2013
Mesa
AZ
619,035
867,013
6,484
873,497
1,492,532
591,485
2/11/1999
El Cajon
CA
6,930,000
12,518,083
89,660
12,607,743
19,537,743
775,497
6/19/2014
Elk Grove
804,327
2,668,492
24,266
2,692,758
3,497,085
355,665
9/18/2012
3,250,000
16,776,852
20,026,852
1,034,573
6/2/2014
Folsom
2,370,000
11,342,375
13,712,375
623,831
8/19/2014
Hanford
562,812
3,468,215
4,031,027
456,648
Lodi
3,153,559
2,661,260
5,814,819
350,399
Manteca
1,565,672
4,440,141
6,005,813
570,619
Moreno Valley
1,654,486
3,305,084
197,969
3,503,053
5,157,539
482,187
Redlands
3,006,680
2,242,430
275,278
2,517,708
5,524,388
360,230
Sacramento
3,446,351
4,460,201
7,906,552
587,260
South Lake Tahoe
3,110,000
3,176,091
9,750
3,185,841
6,295,841
665,992
10/22/2010
Sun Valley
4,631,964
4,710,912
9,342,876
620,270
Vacaville
1,299,816
3,375,574
183,515
3,559,089
4,858,905
488,035
Danbury
CT
1,096,861
6,217,688
399,236
6,616,980
7,713,841
4,660,391
9/30/1997
Manchester
771,660
3,653,539
1,661
3,655,361
4,427,021
2,601,207
3/26/1998
1,250,464
5,917,037
3,555
5,920,592
7,171,056
4,213,133
Deerfield Beach
FL
3,160,000
4,832,848
6,603
4,839,451
7,999,451
1,011,839
Cumming
GA
4,675,000
2,100,000
6,472,785
8,572,785
442,307
4/1/2014
Collinsville
IL
3,570,500
675,724
7,021,479
7,697,203
830,875
Georgetown
KY
5,679,500
1,922,820
10,448,325
12,371,145
1,236,385
Missoula
MT
163,100
362,249
28,843
16,199
407,291
570,391
380,088
10/30/1987
Staten Island
NY
4,202,093
3,385,021
230,776
3,615,797
7,817,890
2,451,874
Bend
OR
4,060,000
13,198,790
17,258,790
1,033,905
1/31/2014
Clarksville
TN
3,992,886
7/5/2013
Dallas
1,210,000
2,675,265
284,527
2,959,792
4,169,792
562,636
The Colony
2,580,000
2,214,133
275,999
107
2,490,239
5,070,239
474,205
Colorado Springs
CO
1,085,560
2,137,425
3,222,985
334,784
1/5/2012
Denver
480,348
2,127,792
2,608,140
307,078
6/8/2012
9/30/2011
Highlands Ranch
583,289
2,139,057
2,722,346
1,001,081
7/10/2007
8/11/2003
Littleton
601,388
2,169,898
2,771,286
868,747
2/2/2006
11/12/2004
Parker
868,768
2,653,745
3,522,513
1,066,255
9/7/2012
7/3/2003
Thornton
693,323
1,896,616
2,589,939
835,699
10/5/2004
10/15/2003
Fort Myers
990,000
1,877,069
2,867,069
3,128
12/29/2015
540,000
1,082,897
1,622,897
1,805
Naples
1,560,000
1,041,531
2,601,531
1,736
661,624
1,822,363
2,483,987
891,251
9/18/2003
12/31/2002
Douglasville
679,868
1,935,515
2,615,383
952,334
12/30/2002
Lilburn
1,150,000
1,670,724
2,820,724
153,177
7/29/2013
2/20/2013
Macon
1,400,000
1,317,435
2,717,435
188,808
5/11/2012
1/10/2012
Morrow
725,948
1,846,315
2,572,263
913,860
7/7/2003
8/30/2002
Peachtree City
1,190,380
689,284
1,879,664
358,121
12/16/2002
9/19/2002
Roswell
1,825,000
1,934,495
3,759,495
308,268
12/22/2011
8/10/2011
Warner Robins
1,250,000
1,012,258
2,262,258
158,263
1/11/2012
9/1/2011
Maryville
882,122
1,202,122
69,075
1/10/2014
Naperville
1,090,000
1,596,107
2,686,107
130,349
12/23/2013
Oak Lawn
180,000
1,021,449
1,201,449
46,495
11/13/2013
370,000
1,137,165
1,507,165
91,192
Orland Park
120,000
1,015,358
1,135,358
82,921
South Holland
80,000
1,548,690
1,628,690
126,476
Cedar Lake
IN
300,000
1,037,278
1,337,278
39,762
1/7/2015
Gary
100,000
1,875,652
1,975,652
71,900
Hammond
230,000
1,217,329
1,447,329
46,664
Highland
390,000
910,537
1,300,537
34,904
Ann Arbor
MI
680,000
1,433,382
2,113,382
59,724
12/18/2014
Clawson
220,000
517,432
737,432
21,560
Clinton Township
480,000
3,578,405
4,058,405
113,316
3/31/2015
Livonia
317,728
1,035,971
1,353,699
43,165
Novi
530,000
2,092,323
2,622,323
66,257
Rochester Hills
280,000
1,179,451
1,459,451
37,349
Sterling Heights
580,000
1,836,257
2,416,257
3,060
Warren
746,229
1,046,229
23,631
240,000
474,241
714,241
19,760
Wayne
190,000
1,009,116
1,199,116
42,047
Woodhaven
170,000
1,148,368
1,318,368
47,849
Ham Lake
MN
192,610
1,930,958
2,123,568
853,052
7/1/2004
10/31/2003
Stillwater
656,250
1,218,901
187,158
1,406,059
2,062,309
183,914
11/16/2012
Olive Branch
350,000
1,965,718
2,315,718
353,963
6/29/2011
11/2/2010
Cary
NC
610,389
1,492,235
2,102,624
574,510
5/25/2006
Durham
680,969
1,323,140
2,004,109
509,409
Wilmington
378,813
1,150,679
1,529,492
480,415
7/15/2005
12/21/2004
Las Vegas
NV
720,000
2,710,000
3,430,000
146,633
10/22/2013
Bartlett
648,526
1,960,733
2,609,259
866,212
8/3/2004
10/27/2003
Nashville
1,830,000
2,634,982
4,464,982
85,510
In-progress
9/3/2014
Riverton
UT
1,100,000
1,576,390
2,676,390
176,063
1/18/2013
7/26/2012
Salt Lake City
2,900,000
1,598,391
4,498,391
243,316
2/17/2012
10/11/2011
Birmingham
AL
355,823
660,814
1,016,637
80,399
12/7/2012
Flomaton
90,000
808,163
898,163
84,857
5/1/2013
Harvest
744,737
1,537,832
2,282,569
181,977
Millbrook
108,000
518,741
174,419
693,160
801,160
401,038
12/10/1998
1/21/1999
Montgomery
254,465
502,350
10,819
513,253
767,718
360,088
6/30/1998
Cabot
AR
267,787
595,578
863,365
44,668
2/25/2014
San Luis
287,508
694,650
982,158
63,676
9/26/2013
Tucson
194,250
431,434
625,684
Grass Valley
325,000
384,955
709,955
5/20/1988
210,000
466,419
676,419
11/25/1987
141,400
314,056
314,138
455,538
314,124
11/18/1987
315,000
699,623
699,784
1,014,784
699,753
5/16/1988
252,925
561,758
561,811
814,736
561,809
2/12/1988
Smyrna
DE
232,273
472,855
15,774
488,629
720,902
333,818
8/7/1998
Apopka
820,000
1,115,761
1,935,761
113,436
6/21/2013
475,000
871,738
2,420
874,158
1,349,158
585,644
1/29/1999
Kissimmee
1,000,000
1,169,792
2,169,792
118,929
580,290
1,290,608
1,870,898
70,983
8/14/2014
Merritt Island
309,652
482,459
38,694
21,831
542,984
852,636
394,070
11/26/1996
Atlanta
652,551
763,360
27,163
45,249
835,772
1,488,323
542,934
12/18/1998
Byron
359,612
868,859
1,228,471
82,542
8/5/2013
Council Bluffs
IA
194,355
431,668
626,023
5/19/1988
Des Moines
441,273
981,424
1,422,697
80,150
12/6/2013
F-1
Boise
ID
158,400
351,812
5,428
357,240
515,640
5/6/1988
Moscow
117,250
260,417
377,667
9/14/1987
Chicago
760,000
1,483,800
4,850
1,488,650
2,248,650
62,280
270,000
1,639,501
56,000
1,695,501
1,965,501
70,296
490,000
1,533,006
3,425
1,536,431
2,026,431
64,339
Joliet
1,309,100
723,567
2,571,856
3,295,423
304,336
Brazil
183,952
453,831
26,716
480,547
664,499
314,083
3/31/1999
Chesterton
293,382
708,842
1,002,224
64,977
9/27/2013
Griffith
343,778
830,602
1,174,380
76,139
Indianapolis
243,422
541,389
16,435
557,824
801,246
35,611
6/6/2014
Muncie
148,901
645,660
238,611
28,327
912,598
1,061,499
632,835
Plainfield
453,645
908,485
42,619
47,025
998,129
1,451,774
679,829
1/30/1998
Princeton
134,209
560,113
11,238
571,351
705,560
377,150
Vincennes
185,312
489,779
25,863
515,642
700,954
334,916
Kansas City
KS
222,000
455,881
18,738
474,619
696,619
470,889
Harrodsburg
262,048
1,029,125
1,291,173
80,615
1/3/2014
Lawrenceburg
272,228
1,069,102
1,341,330
80,183
2/14/2014
Lexington
475,041
1,056,527
1,531,568
22,891
4/11/2014
6/30/2015
Scottsville
503,473
1,039,640
1,543,113
123,024
Stanford
293,686
1,153,374
1,447,060
74,969
5/7/2014
Kaplan
LA
232,224
911,999
1,144,223
68,400
Lafayette
740,444
1,528,968
2,269,412
180,928
462,043
1,027,618
1,489,661
73,646
3/31/2014
Slidell
629,335
1,299,536
1,928,871
153,778
Sulphur
290,047
700,785
3,835
704,620
994,667
67,302
8/1/2013
West Monroe
462,715
1,394,603
1,857,318
165,028
Alma
155,000
600,282
13,902
614,184
769,184
405,185
4/29/1999
2/10/1999
187,704
737,155
924,859
11,057
8/21/2015
Detroit
496,691
1,104,676
1,601,367
82,851
2/6/2014
Flushing
367,724
817,846
1,185,570
53,160
5/14/2014
Lansing
265,000
574,931
132,237
94
707,262
972,262
468,663
4/30/1999
12/3/1998
Rockford
870,632
1,726,400
2,597,032
204,291
Roseville
558,997
1,810,289
2,369,286
214,218
Saginaw
948,826
1,959,264
2,908,090
231,846
859,956
1,775,753
2,635,709
210,131
St. Johns
201,681
792,050
993,731
11,881
Sturgis
109,558
550,274
10,272
560,640
670,198
379,558
12/30/1998
Waterford
995,991
2,056,657
53,469
2,110,126
3,106,117
244,335
St. Peters
MO
469,776
1,044,816
1,514,592
67,913
5/6/2014
190,124
485,670
173
485,843
675,967
339,320
7/27/1998
Crystal Springs
514,234
1,061,859
1,576,093
125,653
Horn Lake
142,702
514,779
3,945
518,724
661,426
362,442
Richland
243,565
558,645
10,302
568,947
812,512
363,501
12/21/1999
Vicksburg
631,900
1,304,832
1,936,732
154,405
Harrisburg
813,119
1,493,119
82,667
Omaha
NE
196,000
435,321
435,353
631,353
435,344
5/26/1988
199,100
412,042
412,074
611,174
412,064
5/27/1988
Artesia
NM
400,000
807,227
1,207,227
82,068
Las Cruces
1,010,676
1,380,676
102,752
Rio Rancho
211,577
469,923
681,500
2/26/1988
Santa Fe
550,775
1,224,964
1,775,739
108,205
10/11/2013
Fernley
1,027,155
1,327,155
104,427
161,000
357,585
260,000
617,585
778,585
556,919
10/29/1987
Dunkirk
776,933
631,375
1,303,749
1,935,124
154,277
Akron
264,619
588,531
853,150
12,752
6/9/2015
Canton
396,560
597,553
25,452
623,005
1,019,565
424,066
8/14/1998
Centerville
601,408
758,192
9,017
38,193
805,402
1,406,810
548,406
705,447
945,447
10,582
8/14/2015
Hamilton
183,000
515,727
6,508
522,235
705,235
347,952
4/7/1999
Middlefield
258,980
1,017,075
1,276,055
62,720
6/30/2014
Oberlin
212,325
1,026,562
1,238,887
87,258
11/7/2013
Toledo
130,000
1,562,052
1,692,052
169,222
4/12/2013
140,000
1,059,979
1,199,979
114,831
Waverly
176,895
694,710
871,605
10,421
8/19/2015
Del City
OK
634,664
1,178,662
1,813,326
143,404
Oklahoma City
602,052
1,118,096
1,720,148
124,854
3/1/2013
Albany
152,250
338,153
58
338,211
490,461
338,182
8/24/1987
Beaverton
466,477
676,477
466,447
8/26/1987
Portland
190,750
423,664
423,722
614,472
423,692
8/12/1987
147,000
326,493
326,551
473,551
326,521
Salem
136,500
303,170
303,228
439,728
303,198
8/20/1987
Butler
PA
339,929
633,078
47,758
680,836
1,020,765
461,870
Dover
265,112
593,341
3,962
597,303
862,415
416,338
Enola
220,228
546,026
11,416
172
557,614
777,842
379,766
11/10/1998
Hanover
132,500
719,511
9,982
729,493
861,993
474,226
7/26/1999
5/13/1999
327,781
608,291
10,681
619,144
946,925
430,469
283,417
352,473
3,100
355,745
639,162
245,118
9/30/1998
Lancaster
199,899
774,838
27,235
802,073
1,001,972
556,726
Lebanon
360,751
802,338
10,935
813,273
1,174,024
36,219
11/21/2014
New Castle
180,009
525,774
91,802
617,576
797,585
410,125
Reading
379,000
658,722
40,054
698,776
1,077,776
449,470
6/9/1999
12/4/1998
Guayama
PR
988,000
874,937
1,806,689
2,681,626
213,792
Humacao
1,506,700
1,161,891
2,399,229
3,561,120
283,909
Ponce
1,803,100
1,321,292
2,728,382
4,049,674
322,859
San Juan
1,158,525
2,392,278
3,550,803
283,086
Chester
SC
132,006
518,420
650,426
31,969
Columbia
474,027
1,427,348
1,901,375
168,903
York
198,409
779,197
977,606
48,051
Arlington
381,083
707,726
1,088,809
86,107
273,120
431,716
704,836
285,651
6/30/1999
Decatur
880,938
1,060,938
54,325
Channelview
483,804
1,168,921
1,652,725
111,048
8/14/2013
562,612
1,251,290
1,813,902
72,992
7/18/2014
Denton
368,635
1,047,327
1,415,962
89,023
11/15/2013
Edinburg
963,916
1,283,916
97,998
Grand Prairie
574,574
1,277,896
1,852,470
66,025
9/5/2014
Hallettsville
237,572
932,999
1,170,571
82,415
Katy
558,684
1,242,555
1,801,239
76,624
Laredo
807,044
1,498,795
2,305,839
182,353
Richmond
441,254
1,253,642
1,694,896
110,738
10/24/2013
Roma
200,000
1,004,538
1,204,538
102,128
San Benito
449,015
998,643
1,447,658
88,213
VA
366,287
814,648
1,180,935
17,651
6/25/2015
Bellevue
WA
185,500
411,997
412,104
597,604
412,090
8/6/1987
Bellingham
168,000
373,133
373,240
541,240
373,226
East Wenatchee
148,400
329,602
329,709
478,109
329,695
8/25/1987
Kenmore
199,500
443,098
443,205
642,705
443,191
Kent
443,091
443,198
642,698
443,184
Moses Lake
138,600
307,831
307,938
446,538
307,924
Renton
412,003
412,110
597,610
412,096
9/15/1987
Seattle
162,400
360,697
360,804
523,204
360,790
F-2
Silverdale
183,808
419,777
419,884
603,692
419,870
9/16/1987
Tacoma
191,800
425,996
426,103
617,903
426,089
8/18/1987
435,324
435,431
631,431
435,417
10/15/1987
Vancouver
180,250
400,343
400,401
580,651
400,371
373,135
373,193
541,193
373,164
5/23/1988
Viroqua
WI
751,418
881,418
78,899
Wausau
505,955
1,154,268
1,660,223
1,924
12/23/2015
Flagstaff
144,821
417,485
8,150
425,671
570,492
295,623
4/11/2002
8/29/1997
210,620
475,072
685,692
258,910
5/14/2002
Phoenix
189,341
546,984
736,325
298,106
384,608
279,824
664,432
152,502
Sierra Vista
175,114
345,508
520,622
188,300
226,596
437,972
664,568
238,693
287,369
533,684
821,053
123,637
3/25/2010
Bakersfield
65,165
206,927
272,092
112,773
Chula Vista
313,293
409,654
409,699
722,992
321,579
5/1/1996
1/19/1996
Dublin
415,620
1,153,928
1,569,548
628,889
471,813
325,610
797,423
177,455
Indio
264,956
265,509
530,465
144,700
Los Angeles
580,446
158,876
739,322
86,585
Oxnard
186,980
198,236
385,216
108,037
Simi Valley
213,920
161,012
374,932
87,750
Stockton
1,395,822
2,882,282
4,278,104
341,070
358,067
284,931
642,998
155,285
Aurora
231,314
430,495
115
430,610
661,924
142,896
9/4/2007
Broomfield
154,930
503,626
2,564
506,190
661,120
392,009
8/22/1996
3/15/1996
79,717
369,587
369,666
449,383
369,647
10/8/1985
239,024
444,785
444,900
683,924
147,635
Lakewood
70,422
132,296
202,718
43,878
Longmont
87,385
163,169
163,284
250,669
54,232
276,084
415,464
415,579
691,663
315,017
12/31/1996
10/31/1996
Hartford
248,540
482,460
35,465
1,034
518,959
767,499
388,602
9/30/1996
Southington
225,882
672,910
673,082
898,964
499,108
6/6/1997
Vernon
81,529
300,518
382,047
162,781
6/27/2002
Jacksonville
76,585
355,066
6,980
178
362,224
438,809
359,743
12/23/1985
Miami Gardens
163,239
262,726
425,965
142,310
Orange City
99,613
139,008
238,621
75,757
309,474
574,737
884,211
133,147
Bogart
66,807
309,733
376,540
12/20/1985
Duluth
222,275
316,925
2,288
89
319,302
541,577
228,520
10/24/1997
6/20/1997
290,842
110,056
400,898
Gainesville
53,589
248,452
302,041
12/19/1985
Kennesaw
266,865
139,425
406,290
75,985
Marietta
60,900
293,461
67,871
361,416
422,316
326,431
12/26/1985
69,561
346,024
41
346,065
415,626
346,063
6/3/1986
Norcross
244,124
151,831
395,955
82,746
503,773
937,121
39,032
976,153
1,479,926
362,344
11/22/2006
Riverdale
58,444
270,961
329,405
1/15/1986
Rome
56,454
261,733
261,778
318,232
261,734
Snellville
253,316
132,124
385,440
72,006
Tucker
78,646
364,625
32,603
3,258
400,486
479,132
372,954
12/18/1985
Arlington Hts
441,437
215,983
657,420
117,709
329,076
255,294
584,370
139,133
Westchester
421,239
184,812
606,051
100,721
Anderson
232,170
385,661
179
385,840
618,010
278,462
12/19/1997
231,384
428,307
130
428,437
659,821
330,639
9/27/1996
Michigan City
392,638
297,650
(3,065
389,573
687,223
162,218
Warsaw
140,893
228,116
369,009
124,322
Olathe
217,995
367,055
21
367,076
585,071
273,471
4/22/1997
11/11/1996
Topeka
32,022
60,368
92,390
Wichita
787,377
1,463,936
78,745
70,913
1,613,594
2,400,971
557,232
11/1/2006
Louisville
56,054
259,881
259,893
315,947
259,884
12/17/1985
Newport
323,511
289,017
54,307
343,439
666,950
234,157
9/17/1997
East Wareham
MA
149,680
278,669
428,349
151,872
Fairhaven
138,957
289,294
428,251
157,663
Gardner
138,990
289,361
428,351
157,699
Hyannis
180,653
458,522
639,175
248,366
Lenox
287,769
535,273
823,042
359,514
Newburyport
274,698
466,449
741,147
252,660
North Reading
180,546
351,161
531,707
191,380
Orleans
138,212
394,065
532,277
214,763
Teaticket
191,302
340,539
531,841
185,592
Aberdeen
MD
223,617
225,605
449,222
122,203
Bethesda
282,717
525,928
808,645
174,433
Capitol Heights
547,173
219,979
(12,319
534,854
754,833
119,885
Clinton
70,880
328,620
11,440
340,060
410,940
335,007
11/15/1985
Lexington Park
111,396
335,288
(7,600
103,796
439,084
182,728
Kalamazoo
391,745
296,975
(2,196
389,549
686,524
161,850
Portage
402,409
286,441
(2,112
400,297
686,738
156,108
Southfield
275,952
350,765
626,717
191,165
Troy
214,893
199,299
414,192
108,616
Saint Cloud
203,338
258,626
461,964
140,089
Independence
297,641
233,152
4,467
3,958
241,577
539,218
180,260
12/20/1996
Asheville
441,746
242,565
684,311
132,196
838,421
1,558,792
480
13,977
1,573,249
2,411,670
569,682
Concord
237,688
357,976
6,863
364,865
602,553
250,521
11/5/1997
55,074
255,336
647
255,983
311,057
11/13/1985
354,676
361,203
67,400
428,615
783,291
272,434
3/31/1997
Fayetteville
224,326
257,733
131
257,864
482,190
186,081
12/3/1997
Greensboro
286,068
244,606
530,674
133,302
Matthews
295,580
338,472
17,484
13,514
369,470
665,050
257,073
8/28/1998
2/27/1998
Pineville
254,460
355,630
355,653
610,113
260,171
8/28/1997
4/16/1997
Raleigh
89,145
413,301
502,446
10/28/1985
398,694
263,621
662,315
191,969
10/1/1997
Salisbury
235,614
150,592
386,206
82,071
Fargo
ND
53,973
100,262
154,235
33,253
Lincoln
337,138
316,958
654,096
172,739
Scottsbluff
33,307
63,355
96,662
21,012
Cherry Hill
NJ
463,808
862,240
1,326,048
285,976
Edison
448,936
238,773
687,709
130,128
Glassboro
182,013
312,480
494,493
169,260
Hamilton Square
422,477
291,555
714,032
158,894
Pleasantville
77,105
144,693
221,798
47,990
Randolph
452,629
390,163
842,792
212,636
Trenton
265,238
298,167
563,405
162,497
West Deptford
212,788
320,283
533,071
174,551
Westfield
705,337
288,720
994,057
157,348
Albuquerque
231,553
430,026
661,579
99,623
326,879
359,101
685,980
195,708
F-3
316,441
369,768
686,209
201,522
252,169
562,715
814,884
306,678
1,940,015
3,624,877
5,564,892
428,944
Sparks
326,813
306,311
633,124
166,937
Bethpage
334,120
621,391
955,511
206,094
Commack
400,427
744,533
1,144,960
246,937
East Amherst
260,708
484,788
745,496
325,608
East Syracuse
250,609
466,264
716,873
313,163
Freeport
134,828
251,894
386,722
83,545
Johnson City
242,863
451,877
694,740
303,499
Queens Village
242,775
451,749
694,524
149,830
Riverhead
143,929
268,795
412,724
89,150
Wellsville
161,331
300,231
461,562
201,647
West Amherst
268,692
499,619
768,311
335,569
139,126
460,334
4,566
411
465,311
604,437
337,024
9/18/1997
Beavercreek
205,000
492,538
697,538
370,224
2/13/1997
9/9/1996
Canal Winchester
443,751
825,491
1,269,242
428,925
12/19/2002
8/21/2002
305,000
420,448
725,448
327,249
7/24/1996
6/28/1996
Cincinnati
211,185
392,210
603,395
190,222
11/3/2003
305,556
244,662
550,218
110,505
9/17/2004
589,286
160,932
750,218
72,687
159,375
265,842
425,217
120,072
300,217
650,217
132,596
12/20/2004
Cleveland
337,593
451,944
789,537
228,232
5/27/2003
317,308
307,842
625,150
139,042
71,098
329,627
400,725
10/2/1985
75,761
351,247
427,008
10/24/1985
432,110
386,553
818,663
195,208
466,696
548,133
1,014,829
276,806
337,679
272,484
610,163
123,072
260,162
450,162
117,506
371,429
278,734
650,163
125,894
Cuyahoga Falls
253,750
271,400
525,150
122,582
Dayton
324,538
394,538
10/31/1985
349,091
251,127
600,218
113,425
437,887
428,046
865,933
216,162
Fairfield
323,408
235,024
44,232
3,330
282,586
605,994
193,399
Fairlawn
270,150
550,150
122,017
Findlay
283,515
397,004
397,118
680,633
286,614
12/24/1997
252,608
413,279
665,887
306,512
10/4/1996
Huber Heights
282,000
449,381
731,381
340,780
12/3/1996
7/18/1996
Lima
241,132
114,085
355,217
51,528
Marion
275,162
375,162
121,530
Mason
310,990
405,373
716,363
204,713
Mount Vernon
216,115
375,357
375,471
591,586
270,989
12/30/1997
Norwalk
200,205
366,000
366,114
566,319
264,235
Parma
268,966
381,184
650,150
172,168
Reynoldsburg
267,750
497,371
765,121
224,646
9/15/2004
374,000
176,162
550,162
79,566
Sandusky
264,708
404,011
404,125
668,833
291,671
Solon
794,305
222,797
1,017,102
112,513
Springboro
191,911
522,902
714,813
392,889
3/7/1997
Springfield
280,217
600,217
126,565
189,091
136,127
325,218
61,483
Stow
310,000
415,150
725,150
187,509
230,217
350,217
103,981
175,217
79,140
530,217
780,217
239,481
West Chester
446,449
768,644
1,215,093
382,145
6/27/2003
3/11/2003
Willowick
321,347
459,774
781,121
368,585
12/22/1995
Zanesville
125,000
300,162
425,162
135,573
Midwest City
106,312
333,551
333,556
439,868
231,903
8/6/1998
8/8/1997
Tulsa
133,648
249,702
383,350
82,818
251,499
345,952
346,010
597,509
183,382
9/26/2002
337,711
253,855
253,913
591,624
138,377
Bethel Park
299,595
331,264
331,378
630,973
239,176
Bethlehem
275,328
389,067
389,239
664,567
280,927
229,162
310,526
310,698
539,860
224,237
Bridgeville
275,000
375,150
169,442
Coraopolis
225,000
600,150
131,529
220,317
(2,515
129,014
349,331
120,069
Monroeville
250,150
112,984
North Wales
2,813,873
4,379,809
7,193,682
518,277
Pittsburgh
378,715
685,374
1,064,089
361,317
8/22/2002
1/17/2002
219,938
408,466
628,404
198,106
175,000
300,150
475,150
135,567
243,750
406,400
183,557
208,333
416,817
188,262
121,429
303,721
425,150
137,180
Warminster
323,847
216,999
(3,929
319,918
536,917
118,261
Wexford
284,375
240,775
108,750
249,436
347,424
347,596
597,032
250,869
Charleston
217,250
294,079
6,700
300,938
518,188
218,771
7/14/1997
3/13/1997
267,622
298,594
302,710
570,332
212,221
3/31/1998
Greenville
221,946
315,163
537,109
229,515
9/5/1997
241,534
342,182
583,716
228,836
9/24/1998
North Charleston
174,980
341,466
14,074
153
355,693
530,673
241,609
3/12/1998
Sioux Falls
SD
48,833
91,572
140,405
30,371
Antioch
781,228
1,181,228
24,739
3/24/2015
Brentwood
305,546
505,728
811,274
363,273
3/13/1998
5/28/1997
749,813
1,289,813
23,744
Gallatin
862,737
1,582,737
27,320
Hendersonville
175,764
327,096
502,860
169,545
1/21/2003
972,437
1,652,437
30,794
Hermitage
204,296
172,695
376,991
94,117
789,017
1,269,017
24,986
Madison
175,769
327,068
502,837
169,530
Memphis
108,094
217,079
325,173
118,305
214,110
193,591
407,701
105,504
215,017
216,794
431,811
117,430
Mount Juliet
929,909
1,469,909
29,447
Murfreesboro
150,411
215,528
365,939
117,461
563,164
814,275
1,377,439
25,785
550,000
851,709
1,401,709
26,971
342,960
227,440
570,400
166,360
600,000
752,612
1,352,612
23,833
510,210
792,902
1,303,112
25,109
568,793
822,413
1,391,206
26,043
560,000
874,142
1,434,142
27,681
Carrollton
174,284
98,623
272,907
53,748
F-4
177,041
199,088
376,129
108,501
234,604
325,951
12,719
15,373
354,043
588,647
263,023
8/9/1996
2/19/1996
Fort Worth
83,530
111,960
195,490
61,017
Houston
285,000
369,697
369,931
654,931
269,406
Humble
257,169
325,652
582,821
177,478
Lake Jackson
197,170
256,376
453,546
139,723
Lewisville
199,942
324,736
324,885
524,827
251,819
8/2/1996
2/14/1996
130,238
207,683
337,921
112,495
Waco
232,105
431,053
663,158
99,861
Wylie
252,000
468,000
108,420
American Fork
849,848
2,561,827
3,411,675
234,834
Layton
1,575,711
1,965,711
65,655
12/16/2014
Park City
780,000
1,082,808
1,862,808
45,117
South Jordan
1,620,150
1,879,850
3,500,000
166,053
10/15/2013
403,549
876,981
1,280,530
418,429
7/8/2004
10/17/2002
Roanoke
349,628
322,545
322,698
672,326
232,923
Warrenton
186,723
241,173
427,896
131,436
Bremerton
261,172
373,080
2,621
375,701
636,873
287,183
3/19/1997
109,127
202,691
311,818
67,226
Milwaukee
173,005
499,244
672,249
400,227
152,509
475,480
197
475,677
628,186
367,109
Mount Pleasant
184,002
114,167
298,169
62,219
New Berlin
188,491
466,268
55,866
507
522,641
711,132
375,871
Athens
760,031
1,413,494
2,173,525
515,921
Auburn
660,210
1,228,112
1,888,322
448,257
635,111
1,180,909
1,816,020
431,028
1,153,493
1,773,763
421,021
Daphne
876,139
1,629,123
2,505,262
594,626
1,181,499
1,816,610
431,243
Dothan
455,651
565,343
1,020,994
161,682
10/17/2008
6/10/2008
Foley
870,031
1,617,357
2,487,388
590,331
Gardendale
610,055
1,134,554
1,744,609
413,699
Hoover
504,396
938,299
1,442,695
342,475
Huntsville
499,843
929,863
1,429,706
339,396
1,181,532
1,816,643
431,255
Mobile
525,750
977,810
1,503,560
356,897
544,181
654,046
1,198,227
197,947
1/24/2008
Orange Beach
630,244
1,172,036
1,802,280
427,789
Pelham
Phenix City
1,172,024
1,802,268
427,785
Benton
1,291,458
976,474
2,016,354
2,992,828
238,602
178,297
396,004
574,301
1/19/1990
Arvada
301,489
931,092
1,232,581
563,348
9/22/2000
11/18/1999
221,691
492,382
714,073
1/29/1990
353,283
1,135,051
1,488,334
671,609
1/3/2001
3/10/2000
280,193
622,317
902,510
1/23/1990
192,988
433,542
626,530
399,551
5/20/1993
688,292
1,331,224
2,019,516
692,011
1/10/2003
5/30/2002
Grand Junction
1,378,927
1,121,415
2,315,649
3,437,064
274,019
Westminster
526,620
1,099,523
1,626,143
650,586
1/12/2001
1/18/2000
Destin
1,034,411
1,922,591
2,957,002
701,742
Fort Walton Beach
1,181,032
1,816,143
431,073
Lakeland
500,000
645,402
1,145,402
446,591
6/4/1998
12/31/1997
Middleburg
1,167,247
2,410,289
5,843
2,416,132
3,583,379
287,640
Milton
1,181,145
1,816,256
431,114
Niceville
920,803
1,711,621
2,632,424
624,738
Orlando
1,181,076
1,816,187
431,089
1,172,023
1,802,267
Oviedo
971,996
1,806,780
2,778,776
659,471
Pace
1,171,993
1,802,237
427,774
Panama City
Pensacola
1,181,063
1,816,174
431,084
588,305
1,094,130
1,682,435
399,354
525,207
976,968
1,502,175
356,589
Sanford
Tallahassee
419,902
781,405
1,201,307
285,208
611,916
1,137,986
1,749,902
415,361
Tampa
427,395
472,030
899,425
326,647
6/10/1998
12/5/1997
Union Park
1,004,103
1,866,287
2,870,390
681,191
Alpharetta
1,171,870
1,802,114
427,729
55,840
16,005
14,141
289,035
344,875
276,203
11/27/1985
1,010,000
1,352,903
2,362,903
83,429
1,171,988
1,802,232
427,772
Conyers
531,935
1,180,296
1,712,231
646,881
3/28/2002
11/13/2001
1,181,027
1,816,138
431,071
795,842
1,643,361
2,439,203
194,464
638,509
1,186,594
1,825,103
575,494
11/29/2003
Hiram
1,181,017
1,816,128
431,067
519,903
967,180
1,487,083
353,017
659,964
1,827,997
2,487,961
216,313
Lawrenceville
1,181,137
1,816,248
431,111
994,894
1,807,565
2,802,459
213,895
500,293
930,657
1,430,950
339,686
McDonough
910,000
1,400,696
2,310,696
86,376
625,316
1,162,827
1,788,143
424,428
515,617
959,138
1,474,755
350,081
Sandy Springs
586,211
1,090,241
1,676,452
397,934
Stockbridge
632,128
1,175,478
1,807,606
429,045
513,204
953,885
1,467,089
462,630
452,267
840,716
1,292,983
407,743
Lombard
428,170
795,965
2,000
797,965
1,226,135
387,215
Niles
366,969
682,306
1,049,275
330,914
663,087
1,232,240
1,895,327
597,632
Round Lake Beach
472,132
236,585
708,717
128,937
Vernon Hills
524,948
975,668
1,500,616
473,195
West Dundee
530,835
986,628
1,517,463
478,510
Overland Park
1,101,841
2,047,067
3,148,908
992,823
1,224,570
935,607
1,989,962
3,150
1,993,112
2,928,719
235,485
Winchester
355,474
929,177
20,045
22,464
971,686
1,327,160
666,602
Baton Rouge
1,440,670
1,158,316
2,391,847
3,550,163
283,035
Allston
576,505
1,071,520
1,648,025
519,682
Billerica
399,043
462,240
462,412
861,455
345,955
4/2/1997
Shrewsbury
721,065
1,339,913
2,060,978
649,854
Waltham
338,955
630,279
969,234
305,681
Weymouth
752,234
1,397,799
2,150,033
677,928
F-5
Woburn
676,968
1,258,018
1,934,986
610,134
Annapolis
780,806
1,450,860
2,231,666
703,663
Bowie
734,558
1,364,970
2,099,528
662,006
701,705
1,303,958
2,005,663
632,415
Germantown
808,296
1,501,913
2,310,209
728,424
Waldorf
427,033
793,854
1,220,887
385,015
Eagan
902,443
845,536
1,747,979
587,673
6/19/1998
2/20/1998
Grandview
347,150
711,024
1,058,174
491,825
8/20/1998
721,020
1,339,829
2,060,849
649,813
Lake Saint Louis
1,222,303
2,019,908
3,242,211
239,022
St. Louis
386,112
717,856
1,103,968
348,156
Charlotte
508,100
457,295
965,395
230,934
181,662
338,164
519,826
164,006
Clemmons
630,000
1,100,160
1,730,160
357,552
11/9/2007
Jamestown
650,000
857,823
1,507,823
278,792
489,063
909,052
1,398,115
440,886
253,128
810,922
810,954
1,064,082
528,522
7/22/1999
3/4/1999
NH
722,532
1,342,636
2,065,168
651,174
Newington
690,753
1,283,624
1,974,377
622,554
597,833
1,111,059
1,708,892
538,860
Deptford
619,376
1,151,062
1,770,438
558,261
Maple Shade
508,285
944,750
1,453,035
458,200
Northfield
1,364,997
2,361,337
3,726,334
279,425
1,210,015
2,498,602
3,708,617
295,668
242,133
450,467
692,600
218,472
Cambridge
103,368
192,760
296,128
93,485
337,161
626,948
964,109
304,066
582,107
1,081,848
1,663,955
524,692
385,878
717,422
1,103,300
347,946
Edmond
1,240,403
2,561,350
3,801,753
303,093
509,370
752,691
1,262,061
498,201
4/14/1999
404,815
771,625
76
771,701
1,176,516
510,745
4/9/1999
10/16/1998
1,127,056
2,327,297
3,454,353
275,397
Owasso
1,078,296
2,226,612
5,698
2,232,310
3,310,606
266,509
964,367
1,996,137
5,993
2,002,130
2,966,497
238,972
Yukon
1,173,070
2,422,313
10,243
2,432,556
3,605,626
290,421
Greensburg
594,891
1,105,589
1,700,480
536,207
431,050
801,313
1,232,363
388,633
Mechanicsburg
455,854
847,377
1,303,231
410,974
723,660
1,344,733
2,068,393
652,191
Philadelphia
334,939
622,821
957,760
302,064
384,756
715,339
1,100,095
346,935
389,291
723,760
1,113,051
351,020
343,785
295,001
183,130
478,131
821,916
394,119
5/27/1997
2/7/1997
332,979
498,108
831,087
346,199
6/1/1999
Goodlettsville
601,306
1,117,504
1,718,810
541,985
560,443
1,011,799
1,572,242
542,795
10/15/2001
5/9/2001
Allen
1,162,614
2,400,722
46,748
2,447,470
3,610,084
291,682
599,558
1,114,256
1,713,814
540,410
Austin
185,454
411,899
597,353
2/6/1990
710,485
1,320,293
2,030,778
640,337
590,828
1,098,073
1,688,901
532,560
569,909
1,059,195
1,629,104
513,705
532,497
989,715
1,522,212
480,008
1,363,491
1,066,021
2,201,264
3,267,285
260,483
568,401
1,056,394
1,624,795
512,347
Conroe
396,068
736,346
1,132,414
357,124
Crowley
1,103,218
2,278,074
3,381,292
269,572
191,267
424,811
616,078
1/26/1990
543,950
1,010,984
1,554,934
490,323
Garland
242,887
539,461
33,982
26,371
599,814
842,701
543,860
Harlingen
134,599
298,948
18,825
317,773
452,372
300,321
1/17/1990
151,018
335,417
335,475
486,493
335,433
1/25/1990
392,113
729,002
1,121,115
353,562
1,030,379
1,914,353
2,944,732
928,457
619,101
1,150,551
1,769,652
558,013
642,495
1,193,997
1,836,492
579,085
872,866
1,621,829
2,494,695
786,583
612,414
1,138,132
1,750,546
551,990
League City
1,032,003
2,131,018
3,163,021
252,170
Leon Valley
178,221
395,834
574,055
529,967
985,046
1,515,013
477,742
Mesquite
591,538
1,099,363
1,690,901
533,187
Pasadena
107,391
238,519
238,577
345,968
238,535
1/24/1990
Pasedena
147,535
274,521
10,646
11,252
296,419
443,954
190,900
12/31/1998
Pearland
1,286,313
935,739
1,932,240
2,867,979
228,648
Plano
187,564
417,157
700
417,948
605,512
417,037
1/18/1990
494,407
918,976
1,413,383
445,699
Richardson
555,188
1,031,855
1,587,043
500,446
Rockwall
1,178,158
2,432,819
3,610,977
287,884
San Antonio
245,164
544,518
789,682
2/14/1990
688,249
1,278,967
1,967,216
620,295
Stafford
706,786
1,313,395
2,020,181
636,992
401,999
747,362
1,149,361
362,466
Weatherford
971,317
2,005,706
2,977,023
237,342
Webster
600,261
1,115,563
1,715,824
541,044
Bountiful
183,750
408,115
591,865
1/30/1990
Alexandria
542,791
1,008,832
1,551,623
489,280
592,698
1,101,517
1,694,215
534,232
Chesapeake
770,000
1,112,334
1,882,334
361,509
1,204,525
2,487,265
3,691,790
294,326
Lynchburg
342,751
637,329
980,080
309,101
Virginia Beach
1,026,384
1,806,384
333,575
Woodbridge
774,854
1,439,806
2,214,660
698,302
187,111
602,690
Brown Deer
257,408
802,141
1,059,549
546,855
12/15/1998
7/16/1998
Delafield
324,574
772,702
1,097,276
502,889
7/29/1999
2/26/1999
452,630
811,977
1,264,607
558,967
10/20/1998
4/7/1998
1,304,098
2,692,877
3,996,975
318,657
Oak Creek
420,465
852,408
1,272,873
586,800
3/20/1998
Calistoga
12,677,285
2,750,715
15,428,000
622,990
6/25/2010
5,445,030
21,154,970
26,600,000
4,689,352
6,039,131
1,576,869
7,616,000
349,539
4,988,527
1,999,473
6,988,000
445,689
8,146,907
2,067,093
10,214,000
458,206
12,675,172
4,907,828
17,583,000
1,090,257
45,184,528
10,437,472
55,622,000
2,319,822
10,630,191
5,580,929
16,211,120
1,126,773
12/15/2010
6,860,862
524,117
7,384,979
84,732
12/15/2011
F-6
Napa
6,000,000
25,000,000
31,000,000
5,541,667
11,253,989
2,846,011
14,100,000
635,812
17,590,091
5,898,149
23,488,240
1,363,241
23,471,336
6,589,664
30,061,000
1,469,541
10,777,485
390,515
11,168,000
88,416
9/17/2010
4,675,262
298,928
4,974,190
60,284
Paicines
12,058,127
1,607,783
13,665,910
421,772
Saint Helena
15,254,700
4,150,300
19,405,000
936,799
Shreveport
1,320,003
8,130,438
147
8,130,585
9,450,588
1,531,363
4/22/2011
998,250
3,696,707
129,751
3,826,537
4,824,787
2,807,454
3/11/1997
63,800
295,791
58,263
16,414
370,468
434,268
309,806
10/31/1984
Avondale
242,723
1,129,139
1,371,862
747,200
4/20/1999
7/28/1998
Chandler
291,720
647,923
939,643
12/11/1987
271,695
603,446
9,758
632,673
904,368
621,655
12/14/1987
308,951
1,025,612
1,334,563
668,394
1/13/1999
260,719
516,181
32,125
548,306
809,025
538,478
12/26/1990
Scottsdale
291,993
648,529
940,522
264,504
587,471
27,467
614,938
879,442
612,250
6/29/1990
Tempe
292,200
648,989
164
649,153
941,353
649,130
3/10/1988
304,500
676,303
53,621
196
730,120
1,034,620
677,329
9/28/1988
283,500
546,878
7,228
299
554,405
837,905
547,060
9/29/1988
Calabasas
156,430
725,248
100,838
58,367
884,453
1,040,883
835,854
9/26/1985
Carmichael
131,035
607,507
80,368
21,673
709,548
840,583
648,400
8/22/1986
Chino
634,071
32,148
666,219
821,219
640,802
10/6/1983
180
350,563
778,614
43,353
821,967
1,172,530
821,275
157,804
731,621
2,540
44,802
778,963
936,767
768,467
Escondido
276,286
613,638
5,000
44,375
663,013
939,299
652,245
12/31/1987
281,563
625,363
906,926
10/23/1987
Gold River
276,328
613,733
24,967
638,700
915,028
635,461
3/22/1989
Mission Viejo
353,891
744,367
12,500
756,867
1,110,758
691,721
6/24/1993
Oceanside
145,568
674,889
23,000
697,889
843,457
687,816
Palmdale
249,490
554,125
9,864
563,989
813,479
9/14/1988
Rancho Cucamonga
471,733
1,047,739
158,923
1,206,832
1,678,565
1,102,279
12/30/1987
208,585
967,055
79,082
108
1,046,245
1,254,830
1,017,898
Valencia
301,295
669,185
70,470
739,701
1,040,996
713,057
6/23/1988
Walnut
217,365
1,007,753
57,287
51,049
1,116,089
1,333,454
1,045,924
287,000
637,440
20,313
18,188
675,941
962,941
651,937
155,306
344,941
25,000
370,023
525,329
366,981
3/15/1988
58,400
271,217
296,299
354,699
291,004
12/22/1982
Fort Collins
55,200
256,356
15,030
271,465
326,665
259,611
Greenwood Village
131,216
608,372
52,959
403
661,734
792,950
613,894
12/5/1986
161,617
358,956
359,038
520,655
359,025
12/10/1987
115,592
535,931
536,002
651,594
535,990
3/25/1986
153,551
341,042
341,124
494,675
341,111
10/19/1987
306,387
695,737
77,412
11,233
784,382
1,090,769
715,070
9/27/1989
Bradenton
160,060
355,501
380,580
540,640
376,602
5/5/1988
Clearwater
42,223
269,380
269,459
311,682
12/22/1981
48,000
243,060
291,060
184,800
410,447
22,872
433,319
618,119
428,319
3/30/1989
Margate
66,686
309,183
375,869
12/16/1986
Melbourne
256,439
549,345
549,424
805,863
505,835
4/16/1993
73,696
341,688
415,384
12/3/1986
68,001
313,922
140
314,062
382,063
313,938
9/4/1985
159,177
353,538
154
353,692
512,869
353,677
7/2/1987
166,409
369,598
38,918
9,687
418,203
584,612
370,704
11/20/1987
69,500
244,314
82,701
327,015
396,515
285,707
6/15/1982
326,492
20,000
346,492
493,492
337,304
3/28/1989
Royal Palm Beach
194,193
431,309
456,309
650,502
448,670
11/15/1988
Saint Augustine
44,800
213,040
23,090
236,130
280,930
226,943
Sunrise
245,000
533,280
92,266
625,699
870,699
588,279
5/25/1989
53,385
199,846
253,385
199,985
1,040,008
1,350,008
674,321
8/25/1999
6/7/1999
Ellenwood
119,678
275,414
58,545
272
334,231
453,909
300,230
11/16/1988
141,449
314,161
156,426
14,612
485,199
626,648
401,356
7/7/1988
Lithia Springs
187,444
363,358
363,442
550,886
363,437
12/28/1989
Lithonia
239,715
524,459
24,410
380
549,249
788,964
526,626
8/20/1991
148,620
330,090
355,090
503,710
351,794
9/16/1988
295,750
596,299
67,500
663,799
959,549
598,690
12/30/1988
301,000
668,529
71,474
19,961
759,964
1,060,964
711,112
274,750
610,229
884,979
168,700
374,688
85,264
462,861
631,561
407,223
Cedar Rapids
194,950
427,085
622,035
402,400
9/24/1992
Iowa City
186,900
408,910
595,810
385,244
Addison
125,780
583,146
583,278
709,058
Algonquin
241,500
509,629
28,260
583
538,472
779,972
517,855
7/10/1990
165,679
398,738
105,300
21,963
526,001
691,680
427,515
12/21/1988
1,259,926
1,727,926
808,543
10/26/1999
6/14/1999
120,824
560,166
74,917
12,101
647,184
768,008
582,742
Carol Stream
122,831
586,416
586,548
709,379
Crystal Lake
1,259,424
1,659,424
812,409
9/28/1999
5/14/1999
Glendale Heights
318,500
707,399
1,025,899
Hoffman Estates
85
707,484
1,025,984
707,469
3/31/1989
Homer Glen
189,477
442,018
442,103
631,580
442,088
Lake In The Hills
375,000
1,127,678
1,502,678
727,430
9/3/1999
425,000
1,230,654
1,655,654
789,753
10/6/1999
5/19/1999
O’Fallon
141,250
313,722
232
313,954
455,204
313,926
Oswego
380,000
1,165,818
1,545,818
755,892
8/18/1999
Palatine
121,911
565,232
565,364
687,275
565,365
Roselle
297,541
561,037
858,578
Schaumburg
218,798
485,955
20,461
506,416
725,214
497,414
12/17/1987
132,523
614,430
615,013
747,536
614,571
Westmont
124,742
578,330
77,621
24,741
680,692
805,434
599,899
Fishers
212,118
419,958
26,509
11,338
457,805
669,923
428,905
12/27/1990
220,460
436,476
656,936
544,153
789,153
Lenexa
98,590
127
806,116
1,124,616
728,844
676,308
87,242
763,594
1,068,094
711,606
357,500
1,115,171
1,472,671
726,757
7/23/1999
Shawnee
699,629
251
699,880
1,014,880
699,812
10/27/1988
288,246
935,875
936,002
1,224,248
631,816
12/29/1998
8/24/1998
209,890
415,549
33,984
16,592
466,125
676,015
449,137
Acton
315,533
700,813
1,016,346
9/30/1988
Marlborough
352,765
776,488
1,129,253
11/4/1988
Westborough
359,412
773,877
63,037
22,260
859,174
1,218,586
809,503
11/1/1988
Ellicott City
219,368
630,839
26,550
657,389
876,757
651,722
12/19/1988
Frederick
203,352
1,017,109
2,874
1,019,983
1,223,335
711,795
7/6/1998
Olney
342,500
760,701
4,400
41,272
806,373
1,148,873
792,584
12/18/1987
F-7
130,430
604,702
605,004
735,434
604,934
9/26/1984
237,207
526,844
527,016
764,223
526,988
55,000
378,848
2,913
304
382,065
437,065
380,719
10/6/1982
Apple Valley
113,523
526,319
87,374
13,814
627,507
741,030
537,154
3/26/1986
Brooklyn Park
118,111
547,587
547,784
665,895
Eden Prairie
124,286
576,243
576,440
700,726
3/27/1986
Maple Grove
313,250
660,149
288
660,437
973,687
7/11/1990
Plymouth
134,221
622,350
622,547
756,768
12/12/1986
Saint Paul
242,165
537,856
538,144
780,309
537,917
8/30/1990
Florissant
102,410
256
810,065
1,128,565
743,310
Gladstone
294,000
652,987
64,864
2,763
720,614
1,014,614
655,248
307,784
910,401
1,218,185
620,069
8/21/1998
Lee’s Summit
239,627
532,220
88,926
73
621,219
860,846
532,654
330,000
993,787
21,445
1,015,392
1,345,392
648,204
6/17/1999
313,740
939,367
1,253,107
609,070
9/8/1999
Jackson
248,483
572,522
54,227
17,780
644,529
893,012
402,769
11/16/1999
Tupelo
121,697
637,691
66,275
704,022
825,719
505,344
75,200
262,973
15,000
277,973
353,173
270,182
1/25/1984
134,582
268,222
24,478
292,700
427,282
289,573
32,441
190,859
223,300
12/23/1981
175,700
390,234
26,312
416,546
592,246
412,749
3/29/1989
220,728
429,380
650,108
12/29/1989
Kernersville
162,216
316,300
478,516
12/14/1989
60,568
280,819
341,387
60,500
280,491
280,523
341,023
280,514
8/1/1984
53,000
245,720
22,027
267,779
320,779
258,582
10/11/1984
142,867
317,315
317,347
460,214
317,338
12/9/1987
Londonderry
335,467
745,082
85,361
11,802
842,245
1,177,712
768,361
8/18/1989
201,250
446,983
37,014
3,276
487,273
688,523
453,924
179,552
398,786
578,338
6/30/1987
174,519
387,613
79,900
467,874
642,393
387,965
7/23/1987
170,778
379,305
379,390
550,168
379,375
9/28/1987
84,000
389,446
473,446
Englewood
74,000
343,083
343,168
417,168
343,154
10/23/1985
9/27/1990
Pickerington
87,580
406,055
493,635
12/11/1986
Westerville
82,000
380,173
462,173
294,350
646,557
44,683
691,240
985,590
646,850
9/26/1990
Broken Arrow
78,705
220,434
299,139
1/27/1983
67,800
314,338
382,138
8/14/1985
50,800
214,474
265,274
79,000
366,261
17,659
383,920
462,920
383,921
11/14/1984
61,000
282,812
27,000
309,812
370,812
306,262
5/2/1985
140,700
312,498
337,651
478,351
332,971
58,160
269,643
327,803
160,831
313,600
474,431
Goose Creek
61,635
192,905
193,058
254,693
193,032
125,593
278,947
12,126
14,855
305,928
431,521
289,145
Summerville
44,400
174,500
174,653
219,053
174,627
528,608
148,663
655
677,926
915,926
537,000
550,559
45,046
192
595,797
837,297
585,867
9/22/1989
88,872
222,684
54,562
277,385
366,257
259,288
1/12/1983
134,383
623,103
2,379
21,981
647,463
781,846
630,461
12/23/1986
191,636
425,629
15,530
441,159
632,795
12/22/1988
217,878
483,913
82,048
9,167
575,128
793,006
532,731
6/22/1989
Bedford
34,949
585,508
827,008
585,507
277,850
617,113
52,614
261
669,988
947,838
634,447
Cedar Park
168,857
375,036
5,200
380,375
549,232
380,352
11/21/1988
Colleyville
1,070,360
102
1,070,462
1,320,462
694,059
8/17/1999
Converse
217,000
481,963
7,522
489,485
706,485
482,859
Corinth
1,041,626
1,326,626
682,260
6/4/1999
Euless
234,111
519,962
754,073
5/8/1987
Flower Mound
202,773
442,845
32,069
16,315
491,229
694,002
475,385
4/20/1987
281,735
1,099,726
18,618
31,678
1,150,022
1,431,757
750,274
4/23/1999
85,518
396,495
54,750
198
451,443
536,961
421,957
73,662
602,361
840,361
551,008
9/26/1988
216,160
427,962
428,016
644,176
426,532
2/7/1991
167,164
371,276
58,206
16,405
445,887
613,051
426,079
12/13/1988
139,125
308,997
19,128
286
328,411
467,536
325,836
5/22/1987
141,296
313,824
12,442
307
326,573
467,869
324,143
7/24/1987
219,100
486,631
25,716
25,593
537,940
757,040
501,025
149,109
323,314
27,979
245
351,538
500,647
333,059
6/26/1989
294,582
919,276
1,213,858
617,496
1/11/1999
278,915
1,034,868
1,313,783
674,419
7/19/1999
309,898
983,041
1,292,939
666,855
11/30/1998
192,777
428,121
42,153
470,369
663,146
443,797
1/7/1987
Mansfield
181,375
402,839
46,878
449,800
631,175
432,382
12/20/1989
85,000
394,079
16,984
411,154
496,154
402,584
10/24/1984
139,466
326,525
60,455
387,273
526,739
340,430
10/8/1992
261,912
581,658
52,751
634,568
896,480
604,458
1/6/1987
250,514
556,399
33,978
425
590,802
841,316
569,263
Round Rock
186,380
413,957
56,750
470,796
657,176
445,926
4/19/1989
130,833
606,596
43,050
22,373
672,019
802,852
627,676
3/24/1986
102,512
475,288
50,798
16,961
543,047
645,559
492,357
81,530
378,007
459,537
181,412
402,923
403,062
584,474
403,040
7/7/1987
234,500
520,831
520,970
755,470
520,947
12/29/1987
481,967
32,529
514,496
731,496
10/14/1988
182,868
406,155
18,940
425,095
607,963
12/6/1988
220,500
447,108
667,608
Sugar Land
339,310
1,000,876
1,340,186
658,908
5/30/1999
136,574
269,008
405,582
2/1/1990
Sandy
168,089
373,330
541,419
Centreville
371,000
824,003
463
824,466
1,195,466
824,395
9/29/1989
190,050
422,107
24,568
446,675
636,725
442,609
Glen Allen
74,643
346,060
346,213
420,856
346,209
6/20/1984
Portsmouth
171,575
381,073
24,932
406,005
577,580
401,990
69,080
320,270
29,024
349,294
418,374
332,922
11/15/1984
Federal Way
150,785
699,101
699,208
849,993
699,194
12/17/1986
261,943
581,782
27,500
609,389
871,332
604,160
128,300
539,141
667,441
6/3/1983
140,763
678,809
36,500
715,309
856,072
711,151
Kirkland
668,534
668,641
969,641
668,627
3/31/1988
Puyallup
195,552
434,327
461,434
656,986
456,686
Redmond
279,830
621,513
621,620
901,450
621,606
7/27/1987
111,183
515,490
626,673
Appleton
424,038
409
424,447
620,447
424,384
Waukesha
233,100
461,500
211
461,711
694,811
461,648
12/13/1990
215,950
427,546
427,955
643,905
427,891
F-8
North Liberty
6,395,970
19,385,806
25,781,776
1,638,562
820,230
12,985,433
35,481
13,020,914
13,841,144
1,797,112
7/31/2012
801,003
25,410,810
26,211,813
2,147,818
401,874
933,768
103,336
32,053
1,069,157
1,471,031
790,521
12/23/1997
1,094,058
3,090,236
4,184,294
2,291,810
6/9/1997
571,590
210
571,800
1,121,962
385,989
1/15/1999
9/25/1998
567,864
840,284
37,249
877,686
1,445,550
595,483
Albion
170,589
317,424
488,013
213,195
Westbury
6,333,590
3,952,773
256,823
4,209,596
10,543,186
2,956,891
9/29/1997
3,630,000
5,083,734
8,713,734
279,605
West Branch
969,797
19,896,576
125,814
20,022,390
20,992,187
2,638,124
9/20/2012
DeKalb
20,496,000
3,507,503
50,808,610
54,316,113
4,294,537
Loves Park
1,010,778
10,068,142
11,078,920
850,998
Rural Hall
710,000
17,739,591
63,900
17,803,491
18,513,491
148,111
9/22/2015
Grantsville
1,719,381
40,160,295
41,879,676
3,394,501
391,637
531,637
184,719
3/18/2004
301,637
491,637
142,269
421,637
601,637
198,869
North Little Rock
1,138,381
2,112,637
1,500
2,114,137
3,252,518
236,324
3/29/2013
Florence
150,000
371,637
521,637
175,286
Gilbert
1,111,637
1,791,637
524,319
Glendale
610,000
1,141,637
250,753
931,637
1,331,637
439,419
Maricopa
361,637
170,569
821,637
1,381,637
387,536
1,071,637
1,821,637
505,453
810,000
1,061,637
1,871,637
500,736
890,000
1,081,637
1,971,637
510,169
1,851,637
900,000
1,191,637
2,091,637
562,053
Payson
351,637
561,637
165,853
311,637
571,637
146,986
Peoria
520,000
751,637
1,271,637
354,519
440,000
511,637
951,637
241,319
360,000
781,637
591,637
1,301,637
279,053
661,637
981,637
312,069
450,000
651,637
1,101,637
307,353
430,000
711,637
335,653
730,000
1,661,637
790,000
1,051,637
1,841,637
496,019
Pinetop
481,637
Queen Creek
891,637
1,411,637
420,553
201,637
411,637
95,103
660,000
1,031,637
1,691,637
486,586
110,000
620,000
461,637
731,637
217,736
Tolleson
460,000
1,231,637
580,919
Tombstone
381,637
180,003
331,637
156,419
911,637
1,241,637
429,986
341,637
581,637
161,136
126,000
234,565
360,565
109,855
4/14/2004
Wellton
291,637
137,553
Wickenburg
441,637
1,103,650
2,048,135
2,049,635
3,153,285
229,121
179,646
319,372
319,385
499,031
265,617
3/9/1995
Westbrook
98,247
373,340
471,587
310,494
Camden
113,811
174,435
89,246
3/19/2003
250,528
379,165
629,693
193,999
Dewey
147,465
224,665
372,130
114,946
278,804
421,707
700,511
215,766
367,137
554,207
921,344
283,562
367,425
554,884
922,309
Felton
307,260
464,391
771,651
237,606
Greenwood
632,303
1,176,711
1,809,014
382,429
11/29/2007
Harrington
563,812
849,220
1,413,032
434,510
Milford
310,049
468,575
778,624
239,747
589,325
887,488
1,476,813
454,091
121,774
186,436
308,210
95,386
401,135
605,332
1,006,467
309,721
Townsend
241,416
365,749
607,165
187,134
280,682
424,525
705,207
217,208
Archer
296,238
578,145
874,383
384,465
5/7/1999
946,638
1,671,528
499
1,672,027
2,618,665
197,943
414,000
107,500
109,000
523,000
12,429
3/8/2013
Bushnell
359,792
311,845
671,637
147,084
Cocoa
323,827
287,810
611,637
135,748
Deltona
321,637
151,703
515,834
873,187
1,389,021
580,668
480,318
600,633
1,080,951
399,420
347,310
694,859
1,042,169
462,080
339,263
658,807
998,070
438,105
351,921
552,557
904,478
367,449
500,032
850,291
1,350,323
565,442
Homosassa Springs
740,000
621,637
1,361,637
293,203
Hudson
Intercession City
161,776
319,861
150,865
266,111
494,206
760,317
231,453
4/1/2004
Key West
873,700
627,937
1,501,637
296,174
492,785
208,852
701,637
98,506
527,076
464,561
991,637
219,115
Land O Lakes
Largo
1,475,882
2,375,882
99,059
4/9/2014
8/13/2013
Lutz
901,637
Moore Haven
180,342
331,295
156,258
Mount Dora
1,423,518
2,513,578
751
2,514,329
3,937,847
297,659
451,637
1,001,637
F-9
New Port Richey
791,637
283,769
North Fort Myers
281,637
132,836
Okeechobee
195,075
346,562
541,637
163,459
Palm Bay
230,880
300,757
141,854
Palm Harbor
510,000
431,637
641,637
203,586
312,727
480,727
146,458
Port Charlotte
356,637
556,637
168,211
Port Orange
609,438
512,199
1,121,637
241,585
Punta Gorda
Riverview
1,930,000
1,423,752
3,353,752
121,243
8/30/2013
8/13/2012
941,637
741,637
640,000
1,711,637
Winter Springs
Augusta
383,232
1,003,232
252,289
337,853
877,853
222,416
392,929
902,929
258,674
422,020
602,020
277,827
392,171
652,171
258,176
691,637
213,019
Calhoun
122,500
228,742
351,242
111,696
10/16/2003
262,500
488,742
751,242
238,663
Cartersville
Chatsworth
261,242
401,242
127,567
Chickamauga
181,731
338,742
520,473
165,413
Dalton
171,500
319,742
491,242
156,134
87,500
163,742
251,242
79,954
485,650
903,162
1,388,812
441,038
146,000
272,385
418,385
133,008
420,000
781,242
1,201,242
381,500
391,242
601,242
191,050
332,500
618,742
951,242
302,146
437,500
813,742
1,251,242
397,371
529,383
532,429
296
532,725
1,062,108
395,046
6/27/1997
1,860,265
1,622,631
2,865,162
856
2,866,018
4,488,649
339,294
Dunwoody
545,462
724,254
724,550
1,270,012
537,308
Flintstone
157,500
293,742
451,242
143,438
La Fayette
386,784
776,436
1,163,220
575,800
Mableton
491,069
355,957
847,026
263,953
Martinez
402,777
852,777
265,157
830,000
871,637
1,701,637
411,119
384,162
651,273
1,035,435
482,967
Ringgold
1,168,914
(7,829
226,671
1,395,585
519,590
385,000
716,242
(21,175
363,825
1,080,067
349,758
482,251
896,851
1,379,102
437,956
Rocky Face
164,231
306,241
470,472
149,542
199,199
371,183
570,382
181,255
201,791
375,997
(22,030
179,761
555,758
183,606
586,242
901,242
286,275
Rossville
66,231
124,242
190,473
60,665
129,231
241,242
370,473
117,800
Adair
779,853
1,377,027
1,377,438
2,157,291
163,068
Neola
784,675
1,385,540
414
1,385,954
2,170,629
164,076
Belvidere
768,748
1,426,176
1,427,676
2,196,424
345,559
12/28/2009
Dekalb
661,500
1,226,500
1,228,500
1,890,000
297,604
Godfrey
374,586
733,190
1,107,776
543,718
Granite City
362,287
737,255
1,099,542
546,734
599,172
1,110,747
1,112,747
1,711,919
269,631
547,582
1,016,523
1,018,023
1,565,605
328,180
12/20/2007
760,725
1,410,775
1,412,775
2,173,500
342,137
Machesney Park
562,275
1,043,225
1,000
1,044,225
1,606,500
252,713
Marengo
501,948
930,688
932,188
1,434,136
225,816
Rochelle
607,418
1,128,145
1,129,145
1,736,563
363,685
463,050
858,450
859,950
1,323,000
208,359
388,631
720,244
721,744
1,110,375
174,959
Tuscola
752,456
1,394,419
3,000
1,397,419
2,149,875
338,785
427,437
794,632
796,632
1,224,069
275,862
5/25/2007
139,219
259,369
398,588
89,479
147,263
274,307
421,570
94,633
283,430
527,190
529,190
812,620
183,594
Elkhart
495,914
922,471
923,971
1,419,885
319,537
Frankfort
208,666
388,345
390,345
599,011
135,692
173,250
323,022
496,272
111,439
Hartford City
250,310
465,702
467,702
718,012
162,380
129,938
242,134
372,072
83,533
269,294
500,939
502,439
771,733
174,108
318,432
592,193
593,693
912,125
205,591
Knox
341,250
633,499
634,999
976,249
209,236
10/9/2007
274,309
421,572
112,613
209,959
322,572
72,433
209,196
389,995
391,495
600,691
135,833
227,500
422,249
423,749
651,249
139,876
Mishawaka
123,983
231,743
233,743
357,726
81,665
Morristown
366,590
682,082
684,082
1,050,672
237,032
103,950
193,870
297,820
66,882
184,237
342,974
344,974
529,211
120,039
New Albany
181,459
289,353
470,812
240,645
3/3/1995
262,465
331,796
594,261
275,943
3/6/1995
258,672
397,272
89,238
79,854
149,572
150,572
230,426
52,457
203,941
380,019
381,519
585,460
132,391
281,248
523,589
525,089
806,337
181,922
255,908
476,528
478,528
734,436
166,116
Rushville
121,275
226,497
347,772
78,138
South Bend
372,387
693,064
695,064
1,067,451
240,821
Wabash
430,437
800,871
802,871
1,233,308
278,014
334,923
623,488
625,001
959,924
216,394
415,275
772,713
774,226
1,189,501
267,876
West Lafayette
1,052,628
1,340,855
1,342,855
2,395,483
464,085
Zionsville
910,595
1,691,926
1,693,926
2,604,521
585,428
F-10
Berea
252,077
360,815
612,892
300,078
3/8/1995
Elizabethtown
286,106
439
286,545
572,651
238,100
158,052
316,105
316,258
474,310
263,021
198,926
368,014
566,940
306,065
216,849
605,697
822,546
473,320
6/18/1996
11/17/1995
Mount Washington
327,245
479,593
806,838
366,920
12/6/1996
5/31/1996
1,021,637
246,036
Bossier City
Destrehan
194,153
631,637
192,500
358,227
550,727
167,767
Amherst
110,969
639,806
750,775
316,704
8/18/2003
574,601
756,174
1,330,775
374,306
Seekonk
298,354
268,518
566,872
223,318
Berlin
255,951
387,395
643,346
198,210
Crisfield
219,704
333,024
552,728
170,390
Hebron
376,251
567,844
944,095
290,540
La Plata
1,017,544
2,706,729
3,724,273
1,447,853
8/6/2002
Mechanicsville
1,540,335
2,860,928
4,401,263
1,549,610
Millersville
830,737
2,696,245
3,526,982
1,460,513
Breckenridge
811,968
813,468
1,250,968
267,834
Carson City
486,468
488,468
750,968
161,374
Charlevoix
713,013
2,500
715,513
1,100,513
236,168
Cheboygan
518,013
520,513
800,513
172,143
Clare
306,250
567,718
569,718
875,968
188,051
229,250
426,218
500
426,718
655,968
140,354
Comstock Park
583,761
586,261
901,261
193,730
Farwell
811,468
268,082
Flint
194,492
476,504
476,643
671,135
382,137
12/21/1995
Gladwin
259,013
260,513
400,513
86,280
Grand Rapids
812,261
813,761
1,251,261
267,930
442,249
443,249
681,249
146,030
Kalkaska
809,513
3,500
813,013
1,250,513
268,678
Lake City
115,500
213,513
215,013
330,513
71,341
Lakeview
96,250
177,718
179,718
275,968
60,001
Mackinaw City
455,000
844,513
845,513
1,300,513
278,107
Mecosta
227,468
228,468
350,968
75,510
Midland
811,013
267,933
162,750
300,794
303,307
466,057
100,828
463,750
860,718
862,218
1,325,968
283,840
388,968
390,968
600,968
129,361
810,968
268,330
649,468
650,968
1,000,968
214,480
324,468
325,968
500,968
107,771
Petoskey
909,513
910,513
1,400,513
299,448
Prudenville
133,000
245,013
247,513
380,513
82,508
486,513
750,513
160,976
Standish
92,750
171,263
172,763
265,513
57,469
Traverse City
389,002
391,002
601,002
129,372
Walker
586,250
1,088,499
1,089,999
1,676,249
358,628
132,924
244,858
246,858
379,782
50,396
12/1/2010
Andover
888,706
1,648,454
1,650,454
2,539,160
333,455
648,000
131,697
Baxter
Blaine
767,270
1,422,929
1,424,929
2,192,199
287,974
Bloomington
485,500
487,500
98,926
676,771
1,255,359
1,256,859
1,933,630
253,927
Brainerd
907,000
184,437
Brooklyn Center
979,764
1,818,061
1,819,561
2,799,325
367,405
1,817,561
367,558
830,336
1,540,052
1,542,052
2,372,388
311,594
578,964
1,073,220
1,075,220
1,654,184
217,449
750,697
1,391,651
1,394,151
2,144,848
146,790
Burnsville
615,240
1,141,089
1,142,589
1,757,829
230,882
515,298
954,981
956,981
1,472,279
193,605
932,558
1,729,892
1,731,892
2,664,450
349,878
Chaska
908,000
184,130
410,797
760,408
762,908
1,173,705
80,510
Columbia Heights
673,068
1,248,483
1,249,983
1,923,051
252,540
Coon Rapids
Cottage Grove
805,888
1,494,650
1,496,650
2,302,538
302,438
Crystal
552,641
1,024,332
1,026,332
1,578,973
207,590
740,518
1,373,248
1,375,248
2,115,766
277,955
906,287
1,680,604
1,683,104
2,589,391
340,193
699,277
1,296,658
1,298,658
1,997,935
262,509
947,702
1,758,519
1,760,019
2,707,721
355,397
485,526
899,690
901,690
1,387,216
182,454
Edina
568,893
1,054,516
1,056,516
1,625,409
213,677
Elk River
613,113
1,137,137
1,138,637
1,751,750
230,085
456,850
846,435
848,435
1,305,285
171,714
Excelsior
Falcon Heights
494,415
916,199
918,199
1,412,614
185,783
Farmington
810,500
812,500
164,468
Forest Lake
398,985
739,473
740,973
1,139,958
149,890
Fridley
519,325
962,461
964,461
1,483,786
195,113
706,295
1,309,691
1,311,691
2,017,986
265,138
323,000
66,155
Golden Valley
Hastings
Inver Grove Heigh
134,705
248,666
250,166
384,871
50,910
Lakeville
631,855
1,171,446
1,173,446
1,805,301
237,258
654,912
1,214,266
1,216,266
1,871,178
245,894
Litchfield
388,788
720,536
722,036
1,110,824
146,071
Little Falls
323,500
66,002
Long Lake
1,499,579
1,501,579
2,310,122
303,432
Maplewood
931,427
1,728,293
1,729,793
2,661,220
349,302
Mendota Heights
827,026
1,533,906
1,535,906
2,362,932
310,354
717,808
1,331,072
1,333,072
2,050,880
269,450
Minneapolis
967,640
1,795,045
1,797,045
2,764,685
363,017
856,122
1,587,941
1,589,941
2,446,063
321,251
938,237
1,740,440
1,742,440
2,680,677
352,005
F-11
365,977
678,171
679,671
1,045,648
137,527
738,535
1,370,064
1,371,564
2,110,099
277,059
811,510
1,505,590
1,507,090
2,318,600
304,390
539,242
999,450
1,001,450
1,540,692
202,572
577,070
1,069,702
1,071,702
1,648,772
216,740
648,500
131,543
759,822
1,409,597
1,411,097
2,170,919
285,031
Minnetonka
582,162
1,079,158
1,081,158
1,663,320
113,845
Monticello
589,643
1,093,051
1,095,051
1,684,694
221,449
Mounds View
743,926
1,379,578
1,381,578
2,125,504
279,232
New Brighton
585,039
1,085,002
1,086,502
1,671,541
219,571
New Hope
967,228
1,794,280
1,796,280
2,763,508
362,863
Oak Park Heights
635,158
1,177,579
1,179,579
1,814,737
238,495
Pine City
644,412
1,194,265
1,196,765
1,841,177
242,114
546,257
1,012,476
1,014,476
1,560,733
205,199
Ramsey
650,205
1,205,523
1,207,523
1,857,728
244,130
Richfield
630,540
1,169,003
1,171,003
1,801,543
236,766
678,216
1,257,543
1,259,543
1,937,759
254,621
436,919
809,921
811,421
1,248,340
164,097
839,497
1,557,065
1,559,065
2,398,562
315,025
Rogers
781,303
1,448,991
1,450,991
2,232,294
293,230
403,786
748,387
749,887
1,153,673
151,687
786,129
1,458,454
1,459,954
2,246,083
294,884
322,000
66,462
677,052
1,255,383
1,257,383
1,934,435
254,186
Saint Michael
561,604
1,040,480
1,042,980
1,604,584
211,101
808,755
1,500,473
1,501,973
2,310,728
303,358
418,774
776,223
777,723
1,196,497
157,301
832,144
1,543,409
1,545,409
2,377,553
312,271
576,820
1,069,736
1,071,236
1,648,056
216,493
531,091
984,311
986,311
1,517,402
199,519
592,617
1,099,075
1,100,575
1,693,192
222,409
739,277
1,371,444
1,372,944
2,112,221
277,337
788,752
1,463,324
1,464,824
2,253,576
295,866
950,678
1,764,046
1,765,546
2,716,224
356,512
486,000
98,773
541,547
1,004,231
1,005,731
1,547,278
203,282
827,608
1,535,987
1,536,987
2,364,595
310,266
789,790
1,464,752
1,466,752
2,256,542
296,408
648,354
1,202,586
1,204,086
1,852,440
126,672
Saint Paul Park
1,925,000
3,575,000
5,500,000
720,958
Sauk Rapids
Savage
605,220
1,122,481
1,123,981
1,729,201
227,130
569,195
1,055,575
1,057,075
1,626,270
213,637
Shakopee
522,391
966,156
4,000
970,156
1,492,547
196,875
477,517
883,817
886,817
1,364,334
688,324
1,276,317
1,278,317
1,966,641
258,407
783,764
1,454,062
1,455,562
2,239,326
293,998
Vadnais Heights
931,400
1,727,742
1,729,742
2,661,142
349,445
White Bear Lake
943,945
1,751,040
1,753,040
2,696,985
354,143
860,523
1,596,113
1,598,113
2,458,636
322,899
Woodbury
962,500
1,786,000
1,787,500
2,750,000
360,939
Zimmerman
Bolivar
712,586
1,258,249
376
1,258,625
1,971,211
149,002
734,876
1,297,609
388
1,297,997
2,032,873
153,663
Fair Grove
331,197
584,812
89,200
674,139
1,005,336
83,909
Hollister
660,909
1,167,001
349
1,167,350
1,828,259
138,197
Monett
493,610
871,592
260
871,852
1,365,462
103,214
471,920
833,292
249
833,541
1,305,461
98,679
794,438
1,402,780
419
1,403,199
2,197,637
166,118
805,817
1,422,872
1,423,297
2,229,114
168,497
600,117
1,059,657
317
1,059,974
1,660,091
125,485
735,236
1,298,243
1,298,631
2,033,867
153,739
782,041
1,380,889
413
1,381,302
2,163,343
163,526
1,955,824
3,453,498
3,454,530
5,410,354
408,965
839,527
1,482,396
443
1,482,839
2,322,366
175,546
Waynesville
511,912
903,909
270
904,179
1,416,091
107,041
Brandon
671,486
1,247,588
1,919,074
526,067
6/30/2005
Flowood
437,926
813,832
1,251,758
343,166
399,972
743,347
1,143,319
313,445
329,904
613,221
943,125
258,575
540,108
1,003,600
1,543,708
423,185
350,341
651,013
1,001,354
274,511
Meridian
813,671
1,251,597
343,099
405,811
754,030
1,159,841
317,950
145,975
271,478
417,453
114,474
280,273
520,887
219,641
321,146
596,794
917,940
249,659
7/19/2005
Newton
467,121
867,891
1,335,012
365,961
Pearl
544,488
1,011,733
1,556,221
426,615
472,960
878,735
1,351,695
370,534
Southaven
302,636
Terry
583,901
1,084,930
1,668,831
457,479
Waveland
Archdale
410,000
345,086
Banner Elk
386,993
718,861
720,861
1,107,854
225,594
3/27/2008
355,330
660,558
662,058
1,017,388
207,035
Burgaw
198,774
369,653
370,653
569,427
115,982
457,356
849,377
850,877
1,308,233
265,884
Carolina Beach
848,929
850,929
1,308,285
266,132
255,064
473,349
475,849
730,913
149,463
1,221,637
274,336
851,637
1,571,637
401,686
Goldsboro
740,625
1,200,625
443,117
1/25/2001
F-12
Hampstead
562,900
1,045,971
1,046,971
1,609,871
326,768
Holly Ridge
721,215
1,339,486
1,340,986
2,062,201
418,634
Hubert
404,584
750,372
752,872
1,157,456
235,802
551,637
260,727
400,727
122,104
653,367
654,867
1,006,679
204,794
Kinston
1,057,833
1,057,986
1,607,986
770,531
1,531,637
373,386
Richlands
492,537
914,735
916,235
1,408,772
286,253
376,439
698,103
700,603
1,077,042
219,512
Riegelwood
452,416
453,916
150,630
Roanoke Rapids
834,223
1,551,226
50,351
1,602,057
2,436,280
571,228
Roxboro
243,112
368,107
611,219
188,341
Shallotte
914,766
916,266
1,408,803
286,263
Southern Pines
300,625
900,625
179,851
Wallace
175,408
177,408
76,410
219
228,678
424,774
426,274
654,952
133,549
527,718
979,145
981,645
1,509,363
307,103
653,930
654,930
1,006,742
204,582
474,946
881,640
883,640
1,358,586
276,327
351,366
353,366
194,743
364,126
676,287
677,787
1,041,913
211,938
439,765
817,271
818,271
1,258,036
255,490
804,196
805,696
251,803
718,788
720,288
1,107,281
225,184
979,102
981,602
1,509,320
307,090
334,222
620,284
622,284
956,506
194,871
620,751
622,251
956,473
194,629
Winston Salem
Zebulon
306,077
568,087
570,587
876,664
178,990
Absecon
1,367,872
2,540,604
3,908,476
1,376,118
Mays Landing
1,539,117
2,858,630
4,397,747
1,549,318
Millville
953,891
1,771,782
2,725,673
959,706
Toms River
1,265,861
2,351,154
3,617,015
1,273,896
982,526
1,824,961
2,807,487
988,168
Wall Township
1,459,957
2,712,264
4,172,221
1,451,022
271,637
471,637
128,119
Kingston
257,763
456,042
713,805
377,755
4/6/1995
Rochester
632,586
1,116,989
334
1,117,323
1,749,909
132,274
Alliance
454,440
841,460
843,960
1,298,400
187,899
6/22/2010
Atwater
118,555
266,748
385,303
221,846
Bellefontaine
1,039,610
1,042,110
1,602,110
329,425
2/29/2008
845,610
847,110
1,302,110
267,532
147,296
304,411
451,707
253,169
273,085
471,693
13,088
484,781
757,866
383,103
321,792
1,144,619
1,466,411
578,150
De Graff
302,750
561,860
564,360
867,110
178,934
Eaton
164,588
306,934
471,522
105,889
Galion
138,981
327,597
466,578
272,452
Jackson Center
367,500
682,110
684,610
1,052,110
216,812
Kenton
261,462
262,462
402,462
77,854
8/29/2008
Marysville
507,500
943,110
944,610
1,452,110
298,244
700,000
1,300,610
2,002,110
410,857
650,610
652,110
1,002,110
206,107
Perrysburg
211,678
390,680
390,814
602,492
298,053
1/10/1996
9/1/1995
Russells Point
546,000
1,013,610
1,016,110
1,562,110
321,235
Streetsboro
402,988
533,349
533,463
936,451
378,784
1/27/1997
9/3/1996
Tiffin
117,017
273,040
390,057
227,078
3/7/1995
355,009
588,111
588,196
943,205
422,523
1/31/1997
6/27/1996
Wadsworth
266,507
496,917
497,033
763,540
363,859
7/1/1996
926,606
946,988
1,037,325
1,039,325
1,986,313
105,961
585,266
365,152
715,425
716,425
1,081,577
72,985
488,806
352,862
692,398
694,398
1,047,260
70,894
920,232
519,976
1,017,575
1,019,075
1,539,051
103,828
1,542,358
962,803
1,886,389
1,887,389
2,850,192
192,033
649,675
405,372
794,228
795,228
1,200,600
80,997
713,438
445,188
872,239
873,239
1,318,427
88,928
Moore
491,590
306,341
600,193
602,193
908,534
61,520
472,957
294,864
577,709
579,209
874,073
59,109
Norman
384,099
248,874
487,810
489,810
738,684
50,094
516,913
521,739
523,739
913,739
53,543
797,046
470,199
920,644
922,644
1,392,843
94,099
1,118,491
697,964
1,367,492
1,368,992
2,066,956
139,403
262,191
163,252
319,845
321,345
484,597
32,893
759,414
453,873
888,815
890,815
1,344,688
90,863
834,113
520,386
1,019,567
1,021,067
1,541,453
104,031
658,540
410,750
804,762
806,262
1,217,012
82,192
675,689
421,459
825,743
827,243
1,248,702
84,325
245,057
166,843
327,194
329,194
496,037
33,765
684,745
426,956
836,510
838,510
1,265,466
85,545
673,911
456,873
895,930
897,930
1,354,803
91,586
370,886
510,953
513,453
733,453
52,572
552,452
344,347
674,656
676,656
1,021,003
69,090
178,588
350,229
352,229
530,817
36,107
322,179
200,554
392,926
394,926
595,480
40,448
728,237
479,805
940,620
941,620
1,421,425
95,880
622,641
388,491
761,152
762,152
1,150,643
77,634
711,125
514,604
1,009,798
1,010,798
1,525,402
102,913
982,195
612,698
1,200,429
1,202,429
1,815,127
122,544
356,213
221,963
434,876
436,376
658,339
44,587
528,120
306,360
599,729
600,729
907,089
61,222
456,880
616,260
618,260
798,260
63,153
686,375
827,361
829,361
1,269,361
84,615
618,337
411,910
807,611
808,611
1,220,521
82,357
817,463
471,600
923,140
924,640
1,396,240
94,228
667,015
481,598
945,011
946,011
1,427,609
96,326
453,723
275,094
538,804
540,304
815,398
55,153
649,161
404,894
793,287
794,787
1,199,681
81,026
126,545
508,266
634,811
376,922
990,935
618,155
1,211,121
1,213,121
1,831,276
123,631
635,104
696,726
698,226
1,088,226
71,209
1,061,822
713,299
1,398,650
1,399,650
2,112,949
142,446
1,303,633
813,732
1,594,318
1,595,318
2,409,050
162,339
Aliquippa
226,195
452,631
678,826
216,506
1/29/2004
Allentown
4,684,217
3,922,420
5,970,215
1,565
5,971,780
9,894,200
706,932
Beaver
95,626
223,368
318,994
106,842
Beaver Falls
92,207
230,758
322,965
110,377
Bensalem
569,763
387,611
957,374
195,738
5/29/2003
Downingtown
1,722,222
576
1,722,798
295
2/25/2003
118,118
231,108
349,226
110,545
Penndel
739,487
1,003,809
1,743,296
506,918
F-13
Perryopolis
148,953
134,299
283,252
64,237
808,681
256,843
1,065,524
129,700
425,928
167,147
593,075
84,404
390,342
226,919
617,261
114,588
541,792
236,049
777,841
614,101
277,277
891,378
140,019
1,011,389
491,302
1,502,691
248,102
935,672
448,426
1,384,098
226,450
689,172
426,596
1,115,768
215,426
134,485
483,779
67,909
497,668
320,170
817,838
153,146
296,277
287,540
583,817
137,538
395,417
474,741
870,158
227,082
South Park
252,247
436,182
688,429
208,599
Southampton
783,279
163,721
947,000
82,673
440,565
278,492
719,057
133,210
Verona
171,411
257,358
428,769
123,101
Willow Grove
329,934
73,123
403,057
36,922
Aiken
402,665
802,665
265,084
432,527
752,527
284,743
472,679
802,679
311,176
543,588
1,103,588
357,856
542,982
902,982
357,458
388,058
928,058
255,467
251,770
501,770
165,746
Beech Island
811,637
227,169
Belvedere
463,080
953,080
304,856
Bishopville
191,738
356,130
357,630
549,368
112,155
Bonneau
128,411
239,191
240,691
369,102
75,709
269,136
499,897
501,397
770,533
156,962
222,453
Conway
251,890
252,890
122,762
Cordova
137,207
255,025
257,025
394,232
81,032
Eastover
138,966
258,625
259,625
398,591
81,379
193,497
359,413
360,913
554,410
113,178
337,740
627,293
628,793
966,533
196,668
241,637
113,969
462,847
852,847
304,703
402,392
702,392
264,905
432,695
802,695
284,854
483,604
1,103,604
318,367
423,604
278,867
Greer
502,879
902,879
331,057
Hemingway
246,269
458,069
459,569
705,838
143,926
Hilton Head
326,219
344,510
530,010
161,346
Irmo
690,000
1,151,637
632,626
802,626
416,475
Kingstree
301,766
303,766
137,820
207
209,328
389,965
390,965
600,293
122,313
202,292
376,398
377,898
580,190
118,472
563,891
1,203,891
371,222
563,588
371,023
843,891
555,556
Lugoff
200,533
372,490
373,990
574,523
117,254
Moncks Corner
654,578
655,578
1,007,390
204,784
668,443
1,241,940
1,242,940
1,911,383
387,845
Myrtle Beach
913,807
916,307
1,408,844
286,740
703,624
1,307,326
1,308,326
2,011,950
408,224
176,002
177,502
56,015
753,979
755,479
236,151
327,278
328,278
186,171
165
277,019
278,019
137,774
189
North Augusta
452,777
298,074
576,203
Orangeburg
1,011,637
Pinewood
325,426
605,076
606,576
932,002
189,743
Simpsonville
573,485
1,103,485
377,538
Spartanburg
470,000
432,879
284,974
Summerton
142,484
265,326
266,826
409,310
83,855
297,500
553,227
850,727
259,092
Sumter
211,087
392,065
393,565
604,652
123,355
263,859
490,128
491,628
755,487
153,918
362,367
673,012
674,512
1,036,879
210,917
181,183
336,587
338,087
519,270
106,064
154,797
287,584
289,084
443,881
90,792
653,469
654,969
1,006,781
204,826
620,801
622,301
956,523
194,644
281,450
522,796
524,296
805,746
164,099
146,002
271,250
272,750
418,752
85,701
372,921
693,113
694,113
1,067,034
149,520
277,726
279,226
428,746
87,719
262,100
486,861
488,361
750,461
152,900
184,701
344,620
529,321
107,406
West Columbia
693,574
1,103,574
456,597
336,000
624,727
960,727
292,578
Arrington
1,101,242
326,242
501,242
159,308
124,179
231,860
356,039
113,219
358,742
551,242
175,179
Chattanooga
338,741
520,472
165,412
131,820
313,242
(8,814
304,428
436,248
153,848
(79,571
162,879
258,792
421,671
126,370
159,979
298,346
458,325
145,686
105,000
196,242
301,242
95,825
456,242
701,242
222,792
553,742
851,242
270,404
323,750
822,529
1,146,279
381,748
521,242
801,242
254,533
257,250
478,992
736,242
233,901
283,209
527,201
810,410
257,444
542,500
1,008,742
1,551,242
492,596
300,373
559,077
(39,679
260,694
819,771
273,010
(24,664
150,336
476,578
110,009
205,545
315,554
100,368
423,742
651,242
206,921
F-14
859,450
Dunlap
Etowah
525,000
976,242
1,501,242
476,725
Gray
191,151
355,563
546,714
115,556
Harrison
484,313
900,680
1,384,993
439,826
Hixson
1,001,242
318,017
504,992
776,242
246,598
513,215
954,355
1,467,570
466,037
94,500
176,742
271,242
86,303
Kimball
Kingsport
155,603
289,545
445,148
94,101
310,303
576,845
887,148
187,473
La Vergne
340,000
529,750
8/25/1995
577,500
1,073,742
(15,745
561,755
1,635,497
524,338
266,119
495,463
761,582
241,945
281,675
524,352
806,027
256,052
319,846
595,242
915,088
290,670
Monteagle
271,173
504,849
776,022
246,528
397,128
738,764
1,135,892
360,757
549,500
1,021,742
1,571,242
498,944
467,810
870,032
1,337,842
424,859
498,628
927,264
1,425,892
452,808
Ocoee
119,792
223,713
(11,239
108,553
332,266
109,240
Ooltewah
234,231
436,241
670,472
213,025
1,301,242
(190,623
635,909
1,174,710
1,810,619
577,220
Roan Mountain
286,303
532,274
818,577
172,987
Shelbyville
320,229
595,953
916,182
291,017
426,466
793,251
1,219,717
387,364
1,170,036
1,800,036
434,863
9/27/2006
Soddy Daisy
553,732
851,232
270,400
Sweetwater
339,231
1,131,287
1,470,518
474,932
248,242
381,242
121,218
Abingdon
57,847
107,997
165,844
35,098
Big Stone Gap
527,303
979,860
1,507,163
318,453
Bristol
213,369
396,824
610,193
128,966
268,303
498,845
767,148
162,123
171,156
318,428
489,584
103,488
Castlewood
387,303
720,307
1,107,610
234,098
Charlottesville
817,604
1,619,856
1,621,856
2,439,460
127,272
536,443
1,062,813
1,065,313
1,601,756
83,733
692,490
1,371,977
1,373,977
2,066,467
107,855
Chatham
347,728
525,031
872,759
268,634
400,366
625,366
166,152
8/18/2005
Clintwood
378,553
703,610
1,082,163
228,672
Coeburn
168,934
314,764
483,698
102,297
312,303
581,021
893,324
188,830
282,303
525,307
807,610
170,723
84,465
130,137
214,602
66,579
Danville
149,276
227,333
376,609
116,311
83,644
128,884
212,528
65,939
266,722
403,501
670,223
206,451
Franklin
536,667
863,699
1,400,366
358,435
Gate City
422,303
784,845
1,207,148
255,073
329,698
498,015
827,713
254,810
Gordonsville
1,155,478
1,156,978
1,926,978
90,800
2,190,000
2,286,653
2,289,653
4,479,653
179,696
Hampton
433,985
459,108
893,093
325,191
4/17/1998
Highland Springs
396,720
598,547
995,267
Honaker
492,303
915,307
1,407,610
297,473
Martinsville
246,820
373,653
620,473
191,179
83,521
128,706
212,227
65,847
Midlothian
302,872
303,025
628,025
222,713
8/21/1997
Newport News
490,616
605,304
1,095,920
399,415
1/20/2000
Norton
157,826
293,688
451,514
95,447
457,303
849,860
1,307,163
222,256
413,344
635,600
134,335
Pound
256,170
476,327
732,497
154,805
276,303
513,717
790,020
166,957
140,051
261,125
401,176
84,864
400,740
1,100,740
283,850
250,875
650,875
177,694
740
1,000,740
516
100,695
800,695
71,319
1,144,841
3,371,146
4,515,987
1,801,723
298,227
451,014
749,241
230,762
213,982
324,659
538,641
166,110
482,735
727,776
1,210,511
372,372
350,453
529,365
879,818
270,851
323,496
488,918
812,414
250,156
278,443
421,584
700,027
215,703
575,366
900,366
238,777
Rosedale
211,147
393,160
604,307
127,775
334,803
622,807
957,610
202,411
785,307
1,207,610
255,223
Sandston
152,535
232,528
385,063
118,969
South Boston
160,893
244,778
405,671
125,238
271,865
601,997
602,158
874,023
458,681
Staunton
675,000
1,000,366
1,675,366
415,152
Suffolk
1,700,366
Tazewell
153,382
285,882
439,264
92,910
Troutville
575,000
975,366
(93,309
481,691
1,457,057
404,777
1,194,560
2,218,773
3,413,333
1,201,820
515,971
649,125
649,286
1,165,257
494,578
Weber City
369,803
687,345
1,057,148
223,385
Williamsburg
838,172
1,556,910
2,395,082
843,251
Wise
622,360
957,163
202,265
66,733
124,517
191,250
40,466
Wytheville
1,222,535
1,577,830
2,800,365
654,800
Yorktown
309,435
447,144
756,579
316,711
3,324,510
2,121,289
4,701,469
1,623
4,703,092
6,824,381
556,814
F-15
East Troy
578,813
1,072,938
1,074,938
1,653,751
260,493
Ellsworth
Menomonie
770,442
1,428,821
1,430,821
2,201,263
289,162
441,256
817,975
819,475
1,260,731
165,721
Mondovi
Osseo
613,373
1,136,622
1,139,122
1,752,495
230,490
Morgan Hill
319,063
2,518,205
2,837,268
331,564
2,790,740
4,713,106
38,396
4,751,502
7,542,242
620,879
1,415,674
4,367,269
5,782,943
575,024
Temecula
2,027,441
4,644,558
9,194
4,653,752
6,681,193
611,661
Clermont
980,500
4,587,292
5,567,792
500,073
5/10/2013
6/26/2012
Cutler Bay
743,498
657,485
392,136
1,049,775
1,793,273
637,592
653,464
12,112,986
372
12,113,358
12,766,822
989,497
159,587
618,398
178,656
797,265
956,852
496,894
Clovis
2,939,618
53,910
2,993,528
3,143,528
181,726
Stony Brook
980,000
1,801,586
78,970
1,880,556
2,860,556
1,226,995
Pleasant Hills
631,084
1,172,563
32,078
1,204,683
1,835,767
619,876
11/1/2002
1,102,910
4,391,377
5,494,287
336,309
1/27/2014
2,210,000
41,378,120
43,588,120
833,477
10/30/2014
2/25/2015
12,981,440
13,981,440
819,067
10/10/2013
Buffalo Grove
10,227,026
3,130,000
17,353,386
20,483,386
847,011
9,828,153
1,481,370
10,969,189
12,450,559
1,444,277
9/19/2012
Deer Park
9,790,000
2,410,000
13,364,183
15,774,183
652,299
Andalusia
334,025
1,085,582
1,419,607
128,461
Ariton
113,182
824,898
938,080
64,617
Bessemer
391,797
1,273,339
1,665,136
150,678
279,833
1,100,867
1,380,700
104,582
8/22/2013
707,673
1,314,251
2,021,924
186,185
6/1/2012
322,861
599,600
922,461
72,951
12/14/2012
248,925
979,275
1,228,200
93,031
235,245
925,455
1,160,700
87,918
265,160
1,043,140
1,308,300
99,098
312,444
1,229,156
1,541,600
116,770
266,882
1,049,918
1,316,800
99,742
Camp Hill
127,780
851,515
979,295
66,702
1/24/2014
Castleberry
121,658
810,716
932,374
63,506
Cedar Bluff
160,037
836,150
996,187
65,498
Center Point
232,043
912,857
1,144,900
86,721
Clanton
962,598
1,262,598
75,404
Crossville
268,814
873,647
1,142,461
103,382
Cullman
277,067
685,954
963,021
53,733
301,085
559,159
860,244
79,214
269,275
765,035
1,034,310
59,928
Duncanville
162,574
786,023
948,597
61,572
Enterprise
294,944
837,962
1,132,906
65,640
Eufaula
201,712
1,053,886
1,255,598
82,554
Evergreen
193,413
1,010,529
1,203,942
79,158
419,440
778,959
1,198,399
94,773
Forestdale
287,839
1,132,361
1,420,200
107,574
Frisco City
163,025
788,202
951,227
61,742
Gilbertown
171,006
1,246,332
1,417,338
97,629
501,318
931,020
1,432,338
131,894
Jasper
276,246
897,800
1,174,046
106,240
282,574
918,366
1,200,940
108,673
280,753
912,446
1,193,199
107,973
Lillian
203,832
985,500
1,189,332
77,198
Livingston
239,319
941,481
1,180,800
89,441
Marbury
160,000
1,006,765
1,166,765
78,863
212,971
837,829
1,050,800
79,594
532,170
988,317
1,520,487
120,245
366,980
681,533
1,048,513
82,920
Moundville
230,583
907,117
1,137,700
86,176
Odenville
176,981
855,676
1,032,657
67,028
Opelika
331,598
1,077,694
1,409,292
127,527
Prichard
429,411
797,478
1,226,889
97,026
Remlap
177,711
859,208
1,036,919
67,305
Samson
181,064
1,319,631
1,500,695
103,371
Shelby
277,350
901,388
1,178,738
106,664
Slocomb
268,240
1,055,260
1,323,500
100,250
2,597,341
2,877,341
203,458
Smiths Station
359,391
1,168,019
1,527,410
138,216
Sycamore
50,000
885,687
935,687
69,379
Sylacauga
147,110
980,328
1,127,438
76,792
Thorsby
298,516
970,178
1,268,694
114,804
257,985
1,014,915
1,272,900
96,417
Uriah
776,826
916,826
60,851
Weaver
220,771
627,231
8,685
635,916
856,687
51,393
12/20/2013
Webb
173,294
905,411
1,078,705
70,924
Wedowee
251,256
988,444
1,239,700
93,902
218,727
860,473
1,079,200
81,745
Atkins
264,657
491,507
756,164
59,800
Black Rock
137,428
915,809
1,053,237
71,738
479,323
1,186,692
1,666,015
92,958
Clarendon
156,618
1,043,684
1,200,302
81,755
Dermott
137,299
540,136
677,435
49,512
9/18/2013
Drasco
135,176
900,796
1,035,972
70,562
England
147,813
985,008
1,132,821
77,159
Greenbrier
277,423
1,449,455
1,726,878
113,541
Gurdon
99,815
727,471
827,286
61,835
11/20/2013
128,214
854,405
982,619
66,928
Haskell
191,254
999,249
1,190,503
78,275
Hope
421,413
782,623
1,204,036
110,872
168,806
1,124,906
1,293,712
88,118
835,511
945,511
65,448
Jonesboro
867,698
1,107,698
67,970
806,115
1,186,115
63,146
Little Rock
248,520
977,680
1,226,200
92,880
157,195
618,405
775,600
58,749
Malvern
139,776
570,280
710,056
67,483
1/24/2013
Marianna
230,373
427,836
658,209
52,053
Ola
126,412
842,394
968,806
65,988
Pine Bluff
562,282
1,044,237
1,606,519
147,934
579,851
1,076,865
1,656,716
131,019
243,412
602,631
846,043
47,206
F-16
279,924
693,026
972,950
54,287
Prescott
119,075
793,501
912,576
62,158
Sherwood
225,665
887,766
1,113,431
87,297
7/9/2013
West Fork
281,211
1,469,249
1,750,460
115,091
West Helena
331,612
615,851
947,463
74,929
Bisbee
181,118
946,292
1,127,410
74,126
Camp Verde
244,826
454,678
699,504
64,413
Douglas
188,809
986,472
1,175,281
77,274
Gila Bend
161,460
1,075,950
1,237,410
84,283
712,708
1,323,600
2,036,308
187,510
642,917
1,193,990
1,836,907
169,149
721,637
1,340,182
2,061,819
189,859
580,167
1,077,452
1,657,619
152,639
Salome
251,540
989,560
1,241,100
94,008
581,123
1,079,228
1,660,351
152,891
461,061
856,257
1,317,318
121,303
259,447
1,020,665
1,280,112
103,768
Williams
160,391
1,168,960
1,329,351
103,258
Yuma
225,609
418,988
644,597
59,357
276,672
1,088,428
1,365,100
103,401
418,158
1,188,024
1,606,182
85,142
3/14/2014
318,751
1,035,939
1,354,690
122,586
Federal Heights
561,752
1,043,254
1,605,006
147,794
Holyoke
361,977
1,176,425
1,538,402
139,210
Keenesburg
339,959
1,104,866
1,444,825
130,743
Silver Cliff
245,520
797,939
1,950
799,889
1,045,409
95,581
Anthony
259,074
1,353,588
1,612,662
106,031
Baldwin
252,938
995,062
1,248,000
94,531
Bartow
476,372
884,692
1,361,064
107,637
255,520
739,091
573
739,664
995,184
10/9/2015
605,652
1,124,782
1,730,434
136,848
Cape Coral
310,235
1,220,465
1,530,700
115,944
299,371
1,177,729
1,477,100
111,884
Casselberry
314,673
1,237,927
1,552,600
117,603
Century
215,484
847,716
1,063,200
80,533
Citrus Springs
210,810
1,101,421
1,312,231
86,278
Cottondale
458,337
851,196
1,309,533
103,562
Cross City
308,087
1,609,668
1,917,755
126,091
Crystal River
432,782
803,739
1,236,521
97,788
Daytona Beach
315,423
1,240,877
1,556,300
117,883
Debary
257,762
1,014,038
1,271,800
96,334
DeFuniak Springs
282,063
1,109,637
1,391,700
105,416
Deland
471,921
1,168,367
1,640,288
91,522
420,175
2,195,293
2,615,468
171,965
432,677
1,071,208
1,503,885
83,911
Dundee
250,810
986,690
1,237,500
93,736
Dunedin
353,830
1,391,970
1,745,800
Edgewater
579,101
1,433,719
2,012,820
112,308
Eustis
572,540
1,417,475
1,990,015
111,036
Fanning Springs
1,647,482
2,087,482
129,053
Fern Park
663,492
1,232,199
1,895,691
149,918
Florahome
197,567
1,316,563
1,514,130
103,131
Floral City
259,079
1,019,221
1,278,300
96,826
Fort Meade
261,728
1,367,452
1,629,180
107,117
352,006
1,384,794
1,736,800
131,555
313,964
1,235,136
1,549,100
117,338
282,549
1,111,551
1,394,100
105,597
Ft White
947,109
6,901
954,010
1,154,010
74,324
1/15/2014
Ft. Walton Beach
294,345
1,157,955
1,452,300
110,006
Ft. White
204,195
803,305
1,007,500
76,314
491,957
913,635
1,405,592
111,159
578,261
1,431,639
2,009,900
112,145
868,725
1,621,793
2,490,518
127,040
185,185
1,234,053
1,419,238
96,667
Groveland
101,782
189,258
291,040
127,115
730,550
1,363,839
2,094,389
106,834
Hilliard
746,061
461,328
1,499,315
1,960,643
177,419
Holiday
287,353
1,130,447
1,417,800
107,392
296,473
1,166,327
1,462,800
110,801
Homosassa
331,697
1,733,022
2,064,719
135,753
485,785
902,173
1,387,958
109,764
917,578
1,712,997
2,630,575
134,185
Immokalee
659,438
1,224,671
1,884,109
173,495
Inglis
221,544
871,556
1,093,100
82,798
1,545,090
1,776,950
121,032
479,745
890,954
1,370,699
126,219
635,245
1,179,740
1,814,985
143,535
577,368
1,072,255
1,649,623
130,458
774,832
1,438,974
2,213,806
175,075
580,539
1,078,144
1,658,683
131,174
807,804
484,992
1,576,223
2,061,215
186,520
284,535
1,119,365
1,403,900
106,340
316,457
1,244,943
1,561,400
118,270
717,739
1,181,877
1,899,616
11,108
501,314
806,878
1,308,192
7,788
397,823
738,814
1,136,637
89,889
283,238
1,114,262
1,397,500
105,855
444,433
1,268,502
1,712,935
69,768
8/15/2014
262,680
1,372,428
1,635,108
107,507
275,994
1,441,991
1,717,985
112,956
342,755
636,546
979,301
90,177
455,575
846,067
1,301,642
102,938
249,452
981,348
1,230,800
93,228
567,646
1,054,201
1,621,847
128,261
Laurel Hill
330,715
1,074,825
1,405,540
127,188
Lawtey
186,088
1,240,070
1,426,158
97,139
Lehigh Acres
560,116
1,040,215
1,600,331
126,559
391,588
1,540,512
1,932,100
146,349
Masaryktown
290,081
1,141,181
1,431,262
116,020
6/10/2013
Mascotte
279,063
1,097,837
1,376,900
104,294
Miami
648,087
1,203,591
1,851,678
146,437
Micco
276,043
1,085,957
1,362,000
103,166
150,059
784,013
934,072
61,414
1,295,281
1,955,281
101,464
335,167
1,751,150
2,086,317
137,173
Ocala
482,475
896,026
1,378,501
109,016
258,877
1,018,423
1,277,300
96,750
500,472
1,239,053
1,739,525
97,059
470,580
1,165,046
1,635,626
91,262
Ocklawaha
261,265
1,365,037
1,626,302
106,928
Opa Locka
665,870
1,236,615
1,902,485
175,187
F-17
351,337
1,382,163
1,733,500
131,305
401,945
1,560,171
1,962,116
33,804
322,488
798,404
1,120,892
62,542
Palatka
311,775
1,226,525
1,538,300
116,520
290,940
1,144,560
1,435,500
108,733
468,060
869,253
1,337,313
105,759
462,383
1,144,753
1,607,136
89,672
486,671
1,204,883
1,691,554
94,383
324,665
1,166,541
1,491,206
10,644
Perry
244,021
959,979
1,204,000
91,198
213,916
1,117,652
1,331,568
87,549
Pinellas Park
324,807
1,277,793
1,602,600
121,390
Port St Joe
950,000
2,678,477
3,628,477
209,814
544,349
1,347,680
1,892,029
105,568
318,240
1,251,960
1,570,200
118,936
Riviera Beach
395,095
1,554,305
1,949,400
147,659
Rockledge
246,149
968,351
1,214,500
91,993
403,749
1,588,351
1,992,100
150,893
258,167
1,015,633
1,273,800
96,485
San Mateo
455,279
1,479,656
1,934,935
175,093
Santa Rosa Beach
316,256
1,652,348
1,968,604
129,434
Seminole
541,317
1,005,304
1,546,621
122,312
Sneads
222,497
875,303
1,097,800
83,154
Sorrento
253,303
996,497
1,249,800
94,667
South Daytona
652,903
1,212,534
1,865,437
147,525
Spring Hill
315,224
1,286,099
1,601,323
135,040
5/23/2013
314,531
1,237,369
1,551,900
117,550
559,416
1,038,915
1,598,331
147,180
552,447
1,025,973
1,578,420
145,346
549,314
1,020,154
1,569,468
124,119
611,153
1,134,998
1,746,151
138,091
634,199
1,177,799
1,811,998
143,299
378,121
1,228,892
12,109
1,241,001
1,619,122
145,991
Tavares
534,612
1,323,575
1,858,187
103,680
Temple Terrace
666,400
1,237,599
1,903,999
175,327
Waldo
150,203
1,000,934
1,151,137
78,407
244,703
962,663
10,957
973,620
1,218,323
92,302
8/2/2013
Weirsdale
440,625
1,090,885
1,531,510
85,453
Wildwood
553,758
1,370,976
1,924,734
107,393
Winter Haven
441,079
819,148
1,260,227
116,046
437,109
811,775
1,248,884
98,766
336,947
1,325,553
1,662,500
125,928
Yulee
331,698
1,304,902
1,636,600
123,966
Zephyrhills
304,398
1,197,502
1,501,900
113,763
Zolfo Springs
1,144,259
1,564,259
89,634
396,815
982,422
1,379,237
76,956
368,101
1,045,807
1,413,908
85,408
12/4/2013
386,653
1,098,516
1,485,169
78,727
3/28/2014
477,551
1,363,030
1,840,581
74,967
8/1/2014
234,333
921,867
1,156,200
87,577
572,784
1,063,741
1,636,525
150,697
396,046
735,513
1,131,559
89,487
244,244
960,856
1,205,100
91,281
240,656
946,744
1,187,400
89,941
341,583
970,468
1,312,051
79,255
Brooklet
189,211
988,573
1,177,784
77,438
Brunswick
525,784
976,455
1,502,239
118,802
374,722
695,913
1,070,635
84,669
184,110
724,290
908,400
68,808
Collins
120,219
876,179
996,398
68,634
737,753
1,370,114
2,107,867
194,099
401,120
748,837
1,149,957
58,659
Dawson
413,732
768,359
1,182,091
93,484
Dewy Rose
190,003
747,472
937,475
71,010
8/20/2013
Dexter
58,236
424,437
18,715
443,152
501,388
38,510
208,680
1,008,938
1,217,618
79,034
Elberton
194,222
764,071
958,293
72,587
Forest Park
288,001
1,132,999
1,421,000
107,635
Glennville
245,706
966,610
1,212,316
95,050
7/3/2013
Gordon
179,124
704,676
883,800
66,944
880,648
1,050,648
68,984
Hartwell
222,699
876,101
1,098,800
83,230
Hoschton
312,038
1,227,562
1,539,600
116,618
Irwinton
331,310
1,076,757
1,408,067
127,416
316,862
1,246,538
1,563,400
118,421
LaGrange
831,559
1,101,559
65,139
323,652
1,273,248
1,596,900
120,959
Ludowici
344,543
1,119,765
12,235
1,132,000
1,476,543
137,480
245,825
967,075
1,212,900
91,872
289,116
1,137,384
1,426,500
108,051
Midway
243,028
956,072
1,199,100
90,827
Milledgeville
245,290
696,890
942,180
54,590
146,301
1,066,274
1,212,575
76,416
Nicholls
198,723
781,777
74,269
Pooler
279,935
1,101,265
1,381,200
104,620
Powder Springs
290,373
1,142,327
1,432,700
108,521
Resaca
2,830,403
3,430,403
221,715
Richmond Hill
297,203
1,169,197
1,466,400
111,074
Savannah
450,992
1,774,208
2,225,200
168,550
Screven
198,288
780,067
978,355
74,106
8/8/2013
348,721
863,351
1,212,072
67,629
Talbotton
128,449
855,969
984,418
67,051
Thomasville
407,954
757,629
1,165,583
92,178
Tifton
202,011
824,197
1,026,208
86,541
Uvalda
187,576
737,924
925,500
70,103
Vienna
2,529,310
2,869,310
198,129
298,668
554,669
853,337
67,485
Waycross
417,843
775,994
1,193,837
94,413
132,112
880,378
1,012,490
68,963
Whigham
123,430
822,527
945,957
64,431
Wrightsville
274,254
509,328
783,582
61,968
166,239
868,552
1,034,791
68,037
455,336
845,625
1,300,961
119,797
214,167
842,533
1,056,700
80,041
Mason City
242,135
449,678
691,813
63,704
Montrose
307,533
999,483
1,307,016
118,272
Waterloo
366,422
1,190,872
1,557,294
140,920
Calumet City
561,828
1,043,394
1,605,222
147,814
Catlin
373,096
1,212,561
1,585,657
143,486
Cerro Gordo
312,718
1,016,334
1,329,052
120,266
F-18
383,895
1,247,660
1,631,555
147,640
Dwight
355,224
659,701
1,014,925
80,264
East Saint Louis
564,367
1,048,111
1,612,478
127,520
Farina
161,831
1,078,428
1,240,259
84,477
Galesburg
325,959
605,353
931,312
85,758
Gillespie
540,251
346,508
1,126,153
1,472,661
133,261
Goreville
175,538
690,566
866,104
63,302
9/13/2013
Harvey
356,530
662,127
1,018,657
80,559
396,961
737,212
1,134,173
89,694
La Salle
457,726
1,487,609
1,945,335
176,034
Marseilles
596,849
364,551
1,184,791
1,549,342
140,200
Metropolis
522,911
971,120
1,494,031
118,153
Mount Zion
612,285
344,938
1,121,050
1,465,988
132,658
378,198
702,367
1,080,565
99,502
Quincy
351,325
869,798
1,221,123
68,134
Virden
546,679
1,015,261
1,561,940
123,523
634,963
1,179,216
1,814,179
143,471
335,312
830,155
1,165,467
65,029
454,789
844,607
1,299,396
119,653
347,731
860,902
1,208,633
67,437
327,861
811,707
1,139,568
63,584
437,343
812,209
1,249,552
98,819
New Carlisle
210,347
1,099,005
1,309,352
86,089
Oxford
60,000
940,000
73,633
Parker City
266,530
494,983
761,513
70,123
Rockport
203,782
378,451
582,233
46,045
507,845
943,140
1,450,985
114,749
Arma
170,875
793,860
964,735
107,171
8/30/2012
Basehor
171,627
872,548
1,044,175
117,794
Burlington
173,930
806,439
980,369
108,869
Cheney
161,300
770,354
931,654
103,998
Cherryvale
90,248
811,836
902,084
109,598
Coffeyville
519,254
964,328
1,483,582
117,327
Edwardsville
161,785
906,004
1,067,789
122,310
119,882
848,233
968,115
114,511
Elwood
273,826
677,929
951,755
53,104
Fort Scott
486,062
752,183
1,238,245
96,530
10/31/2012
Fredonia
412,134
637,779
1,049,913
81,848
Galena
419,578
649,300
1,068,878
83,327
Girard
129,389
862,237
991,626
67,542
Great Bend
887,599
1,077,599
1,479
12/15/2015
Herington
911,321
1,121,321
1,519
Horton
101,571
844,142
945,713
113,959
Hoxie
393,962
609,658
1,003,620
78,239
671,122
1,041,122
86,127
577,037
1,071,640
1,648,677
151,816
140,147
922,934
1,063,081
124,596
147,689
581,011
728,700
55,196
Lawrence
236,948
965,247
1,202,195
130,308
Leavenworth
430,140
665,644
1,095,784
85,424
Liberal
394,833
611,006
1,005,839
78,412
Lyndon
100,642
822,510
923,152
111,039
Neodesha
124,388
867,203
991,591
117,072
110,986
873,540
984,526
117,928
142,749
951,265
1,094,014
74,516
Oskaloosa
152,298
1,014,896
1,167,194
79,500
Phillipsburg
146,172
974,073
1,120,245
76,302
Salina
194,508
889,894
1,084,402
120,136
395,822
612,536
1,008,358
78,609
Wakeeney
124,960
832,723
957,683
65,230
81,586
828,885
910,471
111,900
533,216
825,154
1,358,370
105,895
901,373
1,431,373
115,676
625,585
968,095
1,593,680
124,239
541,521
838,007
1,379,528
107,544
498,745
771,810
1,270,555
99,049
132,553
883,318
1,015,871
69,193
Bronston
297,256
966,082
1,263,338
114,320
Corydon
161,985
766,073
60,009
141,508
508,446
649,954
4,639
Dorton
283,556
921,558
1,205,114
109,051
Fordsville
785,971
915,971
61,568
Ledbetter
771,540
871,540
60,437
499,759
928,124
1,427,883
112,922
265,221
1,043,379
1,308,600
99,121
251,195
988,205
1,239,400
93,879
456,605
1,297,257
1,753,862
114,591
409,904
1,164,574
1,574,478
75,697
5/28/2014
470,619
874,008
1,344,627
106,338
Paducah
200,750
789,750
990,500
75,026
Prestonsburg
223,906
1,082,554
1,306,460
Providence
199,919
786,481
986,400
74,716
Radcliff
280,806
1,104,694
1,385,500
104,946
113,547
756,668
870,215
59,272
Somerset
456,467
847,725
1,304,192
120,094
330,419
818,041
1,148,460
64,080
Wingo
106,789
711,629
818,418
55,744
Abbeville
386,990
1,257,716
1,644,706
148,830
Bastrop
179,126
935,881
1,115,007
73,311
563,114
1,045,783
1,608,897
148,153
433,213
804,539
1,237,752
97,886
279,327
1,098,873
1,378,200
104,393
188,485
535,504
22,133
557,637
746,122
46,976
342,664
848,357
1,191,021
66,455
422,535
1,046,098
1,468,633
81,944
Blanchard
177,898
860,109
38,083
898,192
1,076,090
75,926
Colfax
148,313
583,465
731,778
55,429
8/21/2013
Deridder
250,446
985,254
1,235,700
93,599
Dixie Inn
318,870
592,187
911,057
72,049
Duson
355,640
1,155,831
1,511,471
136,773
Florien
323,203
1,050,409
1,373,612
124,298
Franklinton
150,109
1,000,309
1,150,418
78,358
Geismar
489,660
909,368
1,399,028
110,640
Gretna
880,000
839,022
1,719,022
65,723
417,284
774,955
1,192,239
109,785
402,767
1,308,994
1,711,761
154,898
262,452
745,651
19,188
764,839
1,027,291
64,250
Lafitte
259,861
1,228,959
1,488,820
96,268
Logansport
494,202
917,805
1,412,007
111,666
Many
199,395
1,041,784
1,241,179
81,606
Melville
367,000
1,192,748
1,559,748
141,142
F-19
Minden
339,679
630,832
970,511
89,368
Monroe
667,232
1,073,926
1,741,158
10,366
Moreauville
186,423
974,008
1,160,431
76,297
Morse
352,771
1,146,506
1,499,277
135,670
Natchitoches
250,162
984,138
1,234,300
93,493
Opelousas
350,277
1,138,401
1,488,678
134,711
365,368
1,187,446
1,552,814
140,514
Port Vincent
398,039
1,293,627
1,691,666
153,079
Robeline
329,964
1,072,382
1,402,346
126,899
Saint Bernard
447,884
831,784
1,279,668
117,836
605,336
1,124,196
1,729,532
159,261
719,595
1,336,390
2,055,985
162,594
Sibley
180,316
942,101
1,122,417
73,798
Tallulah
287,313
473,108
760,421
4,447
Violet
342,764
848,603
1,191,367
66,474
362,591
1,178,420
1,541,011
139,446
262,241
1,031,659
1,293,900
98,008
755,108
915,108
59,150
Pittsfield
165,324
1,489,846
1,655,170
2,483
Alanson
314,390
1,021,767
5,337
1,027,104
1,341,494
120,942
Bangor
513,772
954,149
1,467,921
135,171
Battle Creek
438,869
815,042
1,253,911
115,464
Brockway
248,856
462,160
711,016
65,473
Buckley
296,289
962,940
1,259,229
113,948
326,088
1,059,786
1,385,874
125,408
Copemish
292,975
952,167
1,245,142
112,673
Croswell
387,461
719,571
1,107,032
101,939
Dearborn
522,650
970,637
1,493,287
137,507
264,876
860,847
5,054
865,901
1,130,777
103,829
325,172
1,279,228
1,604,400
121,527
Flat Rock
264,268
1,039,632
1,303,900
98,765
510,751
948,537
1,459,288
134,376
265,925
864,258
1,130,183
102,270
526,567
977,911
1,504,478
118,979
363,123
588,732
3,505
473,329
879,039
1,352,368
124,531
592,388
1,100,149
1,692,537
133,851
314,519
1,022,185
1,336,704
Mancelona
294,344
956,617
1,250,961
113,200
354,869
659,042
1,013,911
Muskegon
318,001
1,033,502
1,351,503
122,298
New Baltimore
237,040
932,516
1,169,556
94,806
6/25/2013
Onaway
510,098
947,326
1,457,424
115,258
Pinckney
305,815
993,898
1,299,713
117,611
Romulus
578,474
1,074,310
1,652,784
152,194
Sheridan
307,737
1,000,144
1,307,881
118,350
Spring Arbor
325,553
1,058,048
1,383,601
125,202
St John’s
324,325
1,054,055
1,378,380
124,730
Tekonsha
269,258
875,089
1,144,347
103,552
Wellston
270,942
880,562
1,151,504
104,200
Advance
327,985
1,065,951
1,393,936
126,138
Bonne Terre
254,437
826,921
1,081,358
97,852
Buckner
188,702
985,916
1,174,618
77,230
Cole Camp
296,537
963,746
1,260,283
114,043
Crocker
139,188
927,532
1,066,720
72,657
Garden City
139,163
927,369
1,066,532
72,644
396,040
1,287,131
1,683,171
152,310
201,264
791,776
993,040
72,579
443,895
824,377
1,268,272
116,787
557,439
1,035,244
1,592,683
146,660
414,347
641,204
1,055,551
82,288
277,016
995,336
1,272,352
186,741
734,640
921,381
74,688
6/28/2013
152,932
1,019,125
1,172,057
79,831
Oronogo
327,756
1,065,207
1,392,963
126,049
Queen City
309,915
1,007,222
1,317,137
119,188
137,522
916,435
1,053,957
71,787
Rolla
899,367
1,239,367
70,450
Russellville
122,033
813,218
935,251
63,702
Sikeston
409,114
2,005,416
2,579
2,007,995
2,417,109
1,120,231
1/24/2002
647,256
1,202,046
1,849,302
170,290
Unionville
324,616
1,055,004
1,379,620
124,842
Amory
191,439
1,000,215
1,191,654
78,350
Belzoni
222,063
873,597
1,095,660
85,904
7/24/2013
Brookhaven
198,152
779,533
977,685
71,457
9/30/2013
Brooksville
114,899
765,676
880,575
960,000
2,510,516
3,470,516
196,657
Coldwater
169,202
884,035
69,249
Crenshaw
129,543
863,263
992,806
67,622
Durant
259,403
1,020,492
1,279,895
103,750
6/26/2013
Fayette
120,531
803,210
923,741
62,918
Fulton
192,188
1,004,128
1,196,316
78,657
Hickory Flat
132,720
884,431
1,017,151
69,280
369,539
914,893
1,284,432
71,667
Iuka
161,047
841,427
1,002,474
65,912
465,674
864,824
1,330,498
122,517
668,518
1,241,534
1,910,052
175,884
219,884
865,026
1,084,910
87,944
6/6/2013
234,313
921,789
1,156,102
93,715
218,911
861,196
1,080,107
81,814
807,338
1,027,338
63,241
288,120
713,319
1,001,439
55,877
273,913
678,145
952,058
53,121
Kossuth
725,755
1,005,755
56,851
Lauderdale
141,934
945,836
1,087,770
74,090
Liberty
432,170
802,601
1,234,771
113,702
Lucedale
185,603
730,164
915,767
74,233
Moselle
119,405
795,703
62,330
Moss Point
205,776
809,525
1,015,301
82,302
Myrtle
112,646
750,663
863,309
58,802
Oakland
143,737
957,846
1,101,583
75,031
Okolona
170,244
1,134,490
1,304,734
88,868
Picayune
203,708
801,388
1,005,096
81,474
Pope
170,478
890,701
1,061,179
69,772
Shaw
121,095
806,963
63,212
284,495
1,119,205
1,403,700
106,324
Starkville
745,108
Thaxton
122,784
818,223
941,007
64,094
Tunica
166,859
656,426
7,725
664,151
831,010
60,253
350,960
868,896
1,219,856
68,064
F-20
577,491
1,072,483
1,649,974
151,935
Waynesboro
126,164
840,743
966,907
65,858
Benson
1,245,899
2,125,899
97,595
Bridgeton
266,399
756,863
14,675
771,538
1,037,937
62,299
239,304
1,250,293
1,489,597
97,940
Candler
2,637,579
3,287,579
206,610
Candor
203,498
800,561
1,004,059
73,385
9/6/2013
404,476
1,149,152
1,553,628
74,695
5/8/2014
Chocowinity
225,493
920,001
1,145,494
99,667
4/4/2013
130,369
681,142
811,511
53,356
442,367
821,540
1,263,907
99,954
Engelhard
107,915
719,135
827,050
56,332
Erwin
132,370
639,988
6,335
646,323
778,693
52,494
Fairmont
163,886
856,258
1,020,144
67,074
Gibonsville
196,942
774,770
971,712
71,021
9/10/2013
325,349
1,279,926
1,605,275
121,593
282,204
801,768
1,083,972
57,460
3/27/2014
516,944
1,279,833
1,796,777
100,254
Henderson
428,455
1,060,754
1,489,209
83,092
Hertford
213,160
1,030,599
1,243,759
80,730
222,436
875,064
1,097,500
83,131
Kannapolis
351,788
870,946
1,222,734
68,224
Kings Mountain
492,867
915,324
1,408,191
111,364
261,745
1,029,709
1,291,454
104,687
6/11/2013
242,683
954,717
1,197,400
90,698
Lincolnton
343,797
638,479
982,276
77,682
Lumberton
459,702
853,731
1,313,433
103,871
475,680
883,406
1,359,086
107,481
Morganton
197,304
776,196
973,500
73,739
Mount Airy
336,314
832,635
1,168,949
65,223
North Wilkesboro
147,567
770,994
918,561
60,395
Rocky Mount
218,842
860,925
1,079,767
78,918
9/19/2013
Snow Hill
224,094
914,294
1,138,388
Spring Hope
226,533
1,183,568
1,410,101
92,713
Stantonsburg
173,832
1,158,398
1,332,230
90,741
Statesville
166,429
869,543
68,114
Taylorsville
336,401
624,744
961,145
76,011
222,473
875,210
1,097,683
86,062
Winterville
250,429
465,082
715,511
65,887
Holdrege
216,987
1,049,100
1,266,087
89,174
370,620
688,294
1,058,914
83,742
Loup City
1,011,762
1,121,762
1,686
924,792
1,234,792
1,541
Nebraska City
190,852
354,439
545,291
43,123
Norfolk
222,044
873,523
1,095,567
80,073
9/25/2013
Pierce
1,038,132
1,198,132
1,730
Red Cloud
961,006
1,121,006
1,602
South Sioux City
290,379
539,274
829,653
76,397
Valentine
146,625
1,068,632
1,215,257
90,834
457,288
849,249
1,306,537
103,325
Walpole
477,671
887,103
1,364,774
107,931
Malaga
513,159
953,010
1,466,169
115,950
Penns Grove
416,842
1,639,858
2,056,700
155,787
281,887
523,504
805,391
74,163
395,457
1,123,530
1,518,987
80,520
470,559
1,343,072
1,813,631
64,915
10/6/2014
Belen
195,662
1,022,280
1,217,942
80,079
Bloomfield
458,086
850,732
1,308,818
120,520
Chama
392,836
729,552
1,122,388
88,762
194,637
765,705
960,342
77,847
Cuba
543,339
1,009,059
1,552,398
142,950
Kirtland
688,532
1,278,703
1,967,235
181,150
331,422
615,497
946,919
87,195
Los Lunas
505,257
938,335
1,443,592
132,931
334,874
829,069
1,163,943
64,944
Tularosa
233,037
665,819
52,655
192,325
1,004,841
1,197,166
78,713
Vanderwagon
667,383
1,239,426
1,906,809
175,585
231,028
1,116,987
1,348,015
91,221
12/10/2013
364,207
1,432,793
1,797,000
136,115
Bath
145,625
760,850
906,475
59,600
Binghamton
256,309
728,197
984,506
44,905
Buffalo
356,992
1,014,248
1,371,240
79,449
Chaumont
137,438
915,872
1,053,310
71,743
Falconer
541,451
1,340,506
1,881,957
105,006
Gouverneur
485,614
901,855
1,387,469
109,726
Gowanda
503,722
935,484
1,439,206
132,527
Malone
119,467
577,603
1,863
579,466
698,933
47,307
307,714
890,061
9,145
899,206
1,206,920
8,753
Schenectady
468,077
869,287
1,337,364
105,763
Schroon Lake
106,612
777,013
883,625
63,456
Syracuse
376,119
619,343
995,462
5,821
469,209
871,388
1,340,597
106,019
Arcanum
1,051,000
1,351,000
1,752
Bettsville
1,088,013
1,148,013
1,813
Blanchester
359,899
668,383
1,028,282
81,320
Bradford
172,945
836,166
1,009,111
73,861
Bremen
354,866
1,153,316
1,508,182
136,476
Cardington
364,843
1,185,739
1,550,582
140,312
Chillicothe
322,923
1,049,499
17,350
1,066,849
1,389,772
130,978
263,944
1,038,356
1,302,300
98,644
574,968
1,067,799
1,642,767
151,271
359,083
666,868
1,025,951
94,473
361,678
895,430
1,257,108
70,142
Conneaut
166,644
805,700
972,344
71,170
315,477
1,025,302
1,340,779
121,327
Elyria
219,943
865,257
1,085,200
82,199
316,318
1,028,034
1,344,352
121,651
238,609
938,689
1,177,298
95,433
Fostoria
262,910
1,034,290
1,297,200
98,258
381,051
707,665
1,088,716
86,099
1,072,480
1,152,480
1,787
Greenwich
146,371
975,399
1,121,770
76,406
Howard
169,394
885,037
1,054,431
69,328
230,867
908,233
1,139,100
86,282
400,787
744,320
1,145,107
105,445
373,121
1,212,643
1,585,764
143,496
1,077,669
1,187,669
1,796
Lorain
248,933
979,305
1,228,238
99,563
F-21
371,453
689,842
1,061,295
83,931
213,500
839,910
1,053,410
76,992
350,151
650,280
1,000,431
92,123
Nashport
319,015
1,036,799
1,355,814
122,688
New Miami
212,241
834,959
1,047,200
79,321
143,213
1,290,585
1,433,798
2,151
Oak Harbor
373,483
1,213,820
1,587,303
143,635
Orwell
293,628
545,309
838,937
77,252
Peebles
436,054
809,815
1,245,869
98,527
1,126,327
1,196,327
1,877
Racine
183,196
957,149
1,140,345
74,977
Richwood
157,044
1,046,524
1,203,568
81,978
Ripley
359,515
667,671
1,027,186
94,587
117,012
852,812
969,824
72,489
Seville
335,945
1,091,822
1,427,767
129,199
246,216
968,616
1,214,832
98,476
Tarlton
1,224,928
1,414,928
2,042
Thornville
285,644
928,344
17,943
946,287
1,231,931
115,282
Toronto
356,055
1,011,585
1,367,640
82,613
12/17/2013
439,388
707,205
1,146,593
6,826
505,805
939,353
1,445,158
133,075
West Carrollton
152,451
1,373,835
1,526,286
2,290
Withamsville
276,510
1,087,790
1,364,300
103,340
Afton
113,611
757,094
870,705
59,306
Antlers
149,985
1,093,124
1,243,109
81,984
2/27/2014
Ardmore
347,932
646,160
994,092
91,539
356,064
881,533
1,237,597
69,053
Claremore
231,355
774,203
1,005,558
104,517
Clayton
533,789
826,041
1,359,830
106,009
196,277
1,307,968
1,504,245
102,457
289,014
715,532
1,004,546
56,050
Davis
569,738
881,672
1,451,410
113,148
Drumright
169,840
315,418
485,258
38,376
Duncan
430,448
799,403
1,229,851
97,261
Elgin
194,959
942,597
1,137,556
80,121
195,573
769,386
964,959
75,656
Grove
424,722
657,258
1,081,980
84,348
228,333
424,047
652,380
60,073
829,885
1,099,885
65,008
Hollis
61,713
880,041
941,754
118,806
Hulbert
395,384
611,858
1,007,242
78,522
398,387
616,506
1,014,893
79,118
Kellyville
422,292
653,499
1,075,791
83,866
Konawa
390,916
604,945
995,861
77,635
Lawton
445,994
690,178
1,136,172
88,573
128,927
673,606
802,533
52,766
Mooreland
968,647
1,078,647
1,614
Newkirk
100,999
673,045
774,044
52,722
173,541
906,703
1,080,244
71,025
678,788
1,078,788
87,111
318,134
590,821
908,955
71,883
288,016
534,887
822,903
75,776
419,371
648,979
1,068,350
83,286
246,641
610,625
857,266
47,832
Sperry
157,888
824,918
982,806
64,619
Stratford
392,814
607,881
1,000,695
78,011
433,486
670,822
1,104,308
312,846
774,535
1,087,381
60,672
Wilson
89,538
814,202
903,740
109,917
Woodward
221,150
802,563
1,023,713
108,346
Lemont Furnace
298,795
848,903
1,147,698
63,668
Smithfield
255,705
1,005,946
1,261,651
92,212
301,986
1,188,014
1,490,000
112,861
Cayce
207,965
818,135
1,026,100
77,723
Denmark
220,498
867,442
1,087,940
79,515
190,573
777,528
968,101
84,232
4/23/2013
Heath Springs
158,107
826,065
984,172
64,708
198,491
780,866
979,357
71,579
Longs
239,632
1,252,008
1,491,640
98,074
268,056
497,817
765,873
N Myrtle Beach
155,168
610,432
765,600
57,991
Newberry
383,286
711,817
1,095,103
86,604
254,479
1,001,121
1,255,600
95,107
691,079
751,079
54,135
Ridgeland
375,699
1,349,908
1,725,607
12,317
Ridgeway
126,727
844,496
971,223
66,152
Timmonsville
209,841
856,141
1,065,982
92,749
Union
225,174
885,835
1,111,009
81,202
987,266
1,337,266
77,336
Chamberlain
588,809
969,571
1,558,380
9,113
Rapid City
125,477
1,130,755
1,256,232
1,885
Adams
121,868
812,117
933,985
63,616
Bethel Springs
134,530
702,880
837,410
55,059
Bloomington Sprgs
173,585
906,933
1,080,518
71,043
Caryville
218,883
861,087
1,079,970
78,933
9/24/2013
Celina
157,341
1,048,501
1,205,842
82,133
Church Hill
220,676
868,141
1,088,817
82,473
362,262
896,875
1,259,137
70,255
Covington
192,392
1,005,191
1,197,583
78,740
224,273
882,294
1,106,567
80,877
Dresden
Dyersburg
138,691
724,619
863,310
56,762
134,528
702,868
837,396
55,058
Friendship
Grimsley
832,058
1,022,058
76,272
Halls
224,485
1,172,868
1,397,353
91,875
Harriman
975,515
1,235,515
73,164
2/5/2014
Humboldt
163,042
665,204
828,246
74,281
3/19/2013
Madisonville
185,976
731,631
917,607
69,505
Martin
160,410
838,094
998,504
65,651
Mascot
428,927
663,766
1,092,693
85,183
225,548
418,876
644,424
59,341
493,000
915,572
1,408,572
129,706
369,950
687,049
1,056,999
97,332
563,795
1,047,048
1,610,843
148,332
552,777
1,026,586
1,579,363
145,433
253,148
626,736
879,884
49,094
332,829
824,006
1,156,835
64,547
299,794
742,220
1,042,014
58,141
315,786
781,812
1,097,598
61,242
F-22
312,958
774,812
60,694
1,049,568
1,379,568
82,216
312,275
773,121
1,085,396
60,561
772,302
1,162,302
60,497
352,417
872,503
1,224,920
68,346
409,578
1,014,019
1,423,597
79,432
405,442
1,003,781
1,409,223
78,629
Michie
123,911
825,729
949,640
64,682
731,439
57,296
589,570
948,928
1,538,498
9,160
Niota
152,948
799,110
62,597
Rogerville
206,436
812,120
1,018,556
77,151
Sharon
130,332
868,517
998,849
68,034
Sunbright
355,282
1,154,668
1,509,950
136,636
Tennessee Ridge
120,926
805,837
926,763
63,124
Trezevant
170,247
805,149
975,396
63,070
Alpine
248,256
1,297,068
1,545,324
101,604
Alton
345,945
642,468
988,413
91,016
Amarillo
191,492
811,497
1,002,989
109,552
260,864
712,639
973,503
96,206
Anahuac
531,601
987,259
1,518,860
120,117
Anson
608,000
139,586
1,017,331
1,156,917
69,518
4/30/2014
Arcola
309,969
961,069
1,271,038
129,744
427,591
661,699
1,089,290
84,918
590,000
812,479
1,402,479
104,268
333,480
947,447
1,280,927
83,691
Bacliff
557,574
1,035,495
1,593,069
146,695
Baytown
486,394
903,304
1,389,698
127,968
447,005
830,152
1,277,157
117,605
Beaumont
526,746
978,243
1,504,989
138,584
186,877
1,007,961
1,194,838
136,075
Beeville
382,613
710,566
1,093,179
100,664
330,656
1,074,634
1,405,290
127,165
Blossom
82,320
825,297
907,617
111,415
Borger
589,000
166,456
804,791
971,247
54,994
Brookshire
863,000
281,120
1,359,173
1,640,293
92,877
Brownsville
287,319
533,592
820,911
75,592
Bullard
183,822
888,752
1,072,574
60,731
165,267
1,358,083
1,523,350
183,341
Canyon Lake
424,566
788,481
1,213,047
111,701
183,707
1,170,581
1,354,288
158,028
Cedar Creek
183,296
933,294
1,116,590
125,995
Cisco
531,000
139,059
1,013,495
1,152,554
69,255
Corpus Christi
460,501
855,215
1,315,716
121,156
291,106
540,626
831,732
76,589
408,524
1,327,703
1,736,227
157,112
287,912
1,132,648
1,420,560
115,153
363,669
900,360
1,264,029
70,528
Corrigan
256,676
834,196
1,514
835,710
1,092,386
99,612
Cotulla
919,863
1,708,316
2,628,179
207,845
Creedmoor
490,979
759,793
1,250,772
97,507
Crystal City
549,519
1,020,535
1,570,054
124,165
660,890
1,227,367
1,888,257
173,877
474,480
881,177
1,355,657
124,833
433,859
1,238,325
1,672,184
68,108
8/25/2014
Del Rio
507,216
784,918
1,292,134
100,731
Desoto
510,567
790,105
1,300,672
101,397
Dilley
141,101
940,281
1,081,382
73,655
Eagle Pass
516,608
959,416
1,476,024
135,917
433,864
671,406
1,105,270
86,164
East Bernard
577,000
132,881
968,462
1,101,343
66,178
716,403
1,096,403
56,118
El Paso
154,129
1,388,962
1,543,091
2,315
Elsa
379,998
1,234,994
1,614,992
146,141
Fort Stockton
465,636
864,752
1,330,388
105,212
547,855
1,019,204
1,567,059
137,593
213,683
848,314
1,061,997
114,522
600,746
1,115,672
1,716,418
135,740
160,563
631,657
(7,839
623,818
784,381
63,673
8/15/2013
Freer
269,137
499,827
768,964
60,812
298,055
737,916
57,803
Glen Rose
903,000
269,359
1,302,309
1,571,668
88,991
Glenn Heights
297,559
736,686
1,034,245
57,707
Granite Shoals
371,795
1,208,334
1,580,129
142,986
Grape Creek
232,999
710,940
943,939
95,977
626,000
140,174
1,021,615
1,161,789
69,810
Hardin
143,336
805,614
948,950
108,758
Harker Heights
488,753
907,685
1,396,438
128,589
469,370
726,352
1,195,722
93,215
Hebbronville
481,250
893,750
1,375,000
108,740
1,014,676
1,254,676
79,483
Hewitt
493,299
763,382
1,256,681
97,967
Hidalgo
450,411
1,115,114
1,565,525
87,351
279,181
518,479
797,660
73,451
434,980
807,819
1,242,799
114,441
429,081
796,866
1,225,947
112,889
490,377
910,700
1,401,077
129,016
565,402
874,961
1,440,363
112,287
866,899
1,516,899
111,252
562,086
869,831
1,431,917
111,628
467,805
868,780
1,336,585
105,702
610,149
1,133,135
1,743,284
137,865
881,178
1,355,658
107,210
310,255
1,220,545
1,530,800
115,952
283,623
1,115,777
1,399,400
105,999
440,874
1,091,500
1,532,374
85,501
347,071
986,059
1,333,130
70,668
Hubbard
128,604
857,007
985,611
67,132
Itasca
543,000
118,010
860,081
978,091
58,772
Jefferson
339,075
1,333,925
1,673,000
126,723
Joaquin
656,000
135,219
985,502
1,120,721
67,343
554,109
857,486
1,411,595
110,044
346,827
985,367
1,332,194
87,041
Kaufman
488,687
907,561
1,396,248
128,571
Kermit
234,478
922,439
93,781
Killeen
480,758
892,837
1,373,595
126,485
471,572
729,760
1,201,332
93,653
138,881
1,251,552
1,390,433
2,086
F-23
140,928
1,269,997
1,410,925
2,117
Lacy Lakeview
429,768
798,141
1,227,909
113,070
Lakehills
183,968
795,341
979,309
107,371
Lamesa
450,012
835,736
1,285,748
118,396
Leonard
277,575
515,496
793,071
73,029
Llano
804,000
179,332
1,307,011
1,486,343
89,312
Longview
435,985
809,687
1,245,672
98,512
473,119
878,650
1,351,769
106,902
150,012
278,594
428,606
33,896
Los Fresnos
533,059
989,968
1,523,027
140,245
267,700
497,158
764,858
60,488
Marfa
1,325,712
1,635,712
103,847
Marshall
665,113
1,235,211
1,900,324
174,988
461,000
102,312
745,672
847,984
50,954
544,075
1,322,431
1,866,506
945,425
2/3/1998
194,594
790,843
985,437
106,764
Monahans
473,723
879,770
1,353,493
107,039
Monte Alto
370,770
1,205,004
1,575,774
142,592
Morton
190,918
751,074
941,992
76,359
Mount Enterprise
510,030
947,198
1,457,228
115,242
Mt Vernon
641,000
132,850
968,238
1,101,088
66,163
Nacogdoches
585,075
1,086,567
1,671,642
132,199
New Boston
226,547
420,730
647,277
59,603
Odessa
200,900
874,978
1,075,878
118,122
393,275
795,622
1,188,897
107,409
299,235
687,360
986,595
92,794
Onalaska
455,522
845,970
1,301,492
102,926
Orange
359,323
1,413,577
1,772,900
134,290
267,166
1,051,034
1,318,200
99,848
Paris
194,054
844,235
1,038,289
113,972
274,400
1,079,491
1,353,891
109,748
Pearsall
314,465
584,006
898,471
82,734
179,547
938,079
1,117,626
73,483
Perryton
534,489
992,623
1,527,112
120,769
Pharr
506,911
941,407
1,448,318
133,366
Pinehurst
556,823
861,686
1,418,509
110,583
Pineland
703,000
149,928
1,092,708
1,242,636
74,668
Pittsburg
469,724
872,344
1,342,068
123,582
Port Acres
268,899
499,384
768,283
70,746
Port Arthur
253,535
828,487
1,082,022
111,846
Port Neches
498,469
925,729
1,424,198
112,630
Porter
559,462
1,039,001
1,598,463
Progresso
200,597
372,537
573,134
45,325
Rio Grande City
171,514
896,112
1,067,626
70,195
Rio Vista
61,254
829,871
891,125
112,033
Rockdale
592,000
174,972
845,963
1,020,935
57,808
Rosenberg
408,933
759,448
1,168,381
107,588
Rusk
446,174
828,610
1,274,784
100,814
485,162
901,016
1,386,178
127,644
San Angelo
308,573
1,000,504
1,309,077
135,068
663,903
1,232,962
1,896,865
174,670
474,828
881,824
1,356,652
124,925
357,827
664,536
1,022,363
94,143
637,451
1,183,837
1,821,288
167,710
265,044
818,313
1,083,357
110,472
273,109
896,601
1,169,710
121,041
408,997
1,329,239
1,738,236
157,293
325,537
1,280,663
1,606,200
121,663
San Augustine
468,018
869,176
1,337,194
105,750
149,582
781,526
931,108
61,220
450,685
1,115,790
1,566,475
87,404
Schertz
300,878
558,773
859,651
79,159
Sealy
723,000
213,880
1,034,081
1,247,961
70,662
103,470
899,122
1,002,592
121,381
364,491
1,433,909
1,798,400
136,221
Sherman
Sullivan City
496,544
922,154
1,418,698
112,195
Taft
926,908
1,104,316
72,608
Temple
248,015
805,588
1,053,603
108,754
580,869
1,078,758
1,659,627
131,249
Texas City
238,472
973,286
1,211,758
131,394
Three Rivers
225,995
1,068,797
1,294,792
83,722
Valley View
185,843
878,905
1,064,748
68,848
Van Horn
707,000
147,318
1,073,686
1,221,004
73,369
527,779
980,161
1,507,940
138,856
Wells
141,780
840,639
982,419
113,486
Wichita Falls
297,454
552,415
849,869
78,259
Willis
1,233,946
1,898,378
174,809
Wills Point
417,304
774,994
1,192,298
94,291
Wilmer
489,576
909,212
1,398,788
110,621
Winnsboro
446,940
830,031
1,276,971
100,987
Winters
50,842
811,377
862,219
109,536
Zapata
249,421
1,303,154
1,552,575
102,080
Kanab
Mt Pleasant
573,530
1,065,126
1,638,656
Charlotte Ct Hous
154,295
1,028,208
1,182,503
80,543
Colonial Heights
337,535
1,327,865
1,665,400
126,147
259,997
906,036
1,166,033
122,315
Craigsville
141,713
944,359
1,086,072
73,975
223,469
879,131
1,102,600
83,517
Fancy Gap
153,509
1,022,966
1,176,475
80,132
Fork Union
159,295
1,061,525
1,220,820
83,153
Goshen
80,157
831,602
911,759
112,266
Madison Heights
276,413
936,546
1,212,959
126,434
Mineral
202,879
1,059,984
1,262,863
83,032
Onley
313,433
582,089
895,522
70,821
524,294
973,688
1,497,982
137,939
Rich Creek
194,447
940,122
1,134,569
67,375
3/25/2014
1,317,417
2,026,796
186,634
344,912
1,356,888
1,701,800
128,904
591,344
1,098,210
1,689,554
155,580
655,795
1,217,906
1,873,701
148,179
478,904
889,394
1,368,298
108,210
Shawsville
334,624
1,066,596
1,401,220
143,990
Shenandoah
192,613
1,006,351
1,198,964
78,831
Spotsylvania
300,324
1,181,476
1,481,800
112,240
Stanleytown
359,846
668,286
1,028,132
81,308
Stony Creek
237,764
935,366
1,173,130
95,096
Victoria
914,642
1,108,741
123,477
Eagle River
208,955
388,060
597,015
47,214
F-24
538,419
999,922
1,538,341
141,656
664,289
32,249
696,538
816,538
52,310
359,110
591,334
950,444
5,558
Spooner
564,022
1,047,470
1,611,492
148,392
French Creek
WV
1,198,417
1,438,417
1,997
Lewisburg
290,000
1,063,577
1,353,577
1,773
Mount Hope
186,300
732,905
919,205
72,069
7/23/2013
280,344
911,119
8,500
919,619
1,199,963
111,052
Rock
332,222
1,079,721
1,411,943
127,767
Shady Spring
204,338
833,689
1,038,027
93,095
3/27/2013
Cheyenne
WY
521,603
968,690
1,490,293
137,231
Atmore
1,689,229
4,025,584
5,714,813
114,058
4/29/2015
1,696,833
3,901,754
5,598,587
461,708
913,349
2,269,571
3,182,920
117,261
9/30/2014
Chelsea
1,157,579
3,575,632
4,733,211
423,116
1,479,627
2,629,627
643,646
2/9/2005
Northport
1,650,000
4,829,538
6,479,538
136,837
Tuscaloosa
2,000,550
4,371,497
6,372,047
123,859
1,990,000
3,710,723
5,700,723
105,137
Van Buren
1,328,049
3,008,245
4,336,294
275,756
3,540,215
418,925
1,086,262
2,460,559
3,546,821
225,551
El Mirage
1,179,770
2,672,369
3,852,139
244,967
1,347,649
3,790,620
5,138,269
385,380
6/14/2013
1,545,555
4,347,285
5,892,840
441,974
3,381,632
400,160
1,562,759
4,395,676
5,958,435
446,894
Surprise
1,358,528
3,821,220
5,179,748
959,875
2,350,208
3,310,083
317,278
8/10/2012
3,501,678
1,103,028
2/26/2008
Blythe
3,762,886
6,271
12/4/2015
Clearlake
4,585,114
5,345,114
7,642
Encinitas
3,751,713
1,181,789
2,205,539
4,096,524
6,302,063
1,290,404
2/21/2008
Pico Rivera
4,633,063
548,246
3,473,583
4,963,583
723,663
Seal Beach
4,447,685
7,413
Tracy
2,467,993
4,584,246
7,052,239
1,474,599
Visalia
4,333,023
512,741
1,025,000
1,645,371
36,980
1,682,430
2,707,430
737,329
1,547,023
3,504,257
5,051,280
332,904
8/29/2013
1,385,014
1,385,093
2,485,093
602,533
1,498,300
3,393,892
18,868
3,412,760
4,911,060
322,577
1,532,460
3,786,614
5,319,074
271,374
Branford
1,760,000
3,849,409
5,609,409
275,874
Millsboro
4,039,490
4,939,490
6,732
Delray Beach
4,893,115
3,541,070
8,434,185
419,027
849,162
2,388,495
36,175
2,424,810
3,273,972
243,203
6/4/2013
1,935,853
3,620,924
5,556,777
428,476
1,605,187
3,691,020
5,296,207
436,771
1,774,311
2,274,311
369,648
960,194
2,372,580
14,576
2,387,156
3,347,350
194,854
1,626,972
4,576,292
6,203,264
465,256
6/7/2013
1,442,096
4,056,278
5,498,374
412,388
Winter Park
1,075,020
1,664,284
2,739,304
1,151,157
Acworth
1,534,095
3,527,548
5,061,643
417,427
Adel
1,056,116
48,524
1,104,640
1,604,640
458,969
4/29/2005
Austell
1,234,384
3,610,300
4,844,684
427,219
Blackshear
1,005,393
46,950
1,052,343
1,482,343
431,302
Bowdon
1,010,615
1,420,615
432,874
Cairo
1,152,243
44,220
1,196,463
1,526,463
493,630
1,740,000
5,024,581
800
5,025,381
6,765,381
511,041
1,546,047
3,555,032
30,952
3,585,984
5,132,031
429,465
East Ellijay
1,317,709
3,029,984
4,347,693
358,548
1,109,742
3,121,445
71,737
3,193,182
4,302,924
321,548
1,543,512
3,549,202
5,092,714
419,989
Quitman
856,586
1,586,586
372,606
3,389,465
401,087
1,293,890
3,639,408
4,933,298
370,006
6/12/2013
Ottumwa
2,860,134
1,687,561
3,880,433
5,567,994
459,185
4,023,600
5,783,600
114,002
Blackfoot
1,932,186
2,492,186
840,492
Burley
2,011,543
2,711,543
875,013
Chubbuck
1,267,183
2,157,183
551,216
1,589,068
2,841,507
90,118
2,931,625
4,520,693
421,184
6/29/2012
1,538,430
1,462,870
3,735,267
5,198,137
442,007
1,744,950
3,952,594
5,697,544
362,321
9/3/2013
1,584,794
4,502,544
6,087,338
382,716
11/12/2013
Chicago Heights
1,272,921
3,580,429
4,853,350
364,010
Darien
1,198,099
3,369,971
4,568,070
353,847
5/31/2013
Deerfield
4,092,687
11,511,770
15,604,457
781,156
8/27/2013
4,261,874
11,987,653
16,249,527
813,448
4,082,432
11,482,923
15,565,355
779,198
4,089,453
11,502,673
15,592,126
780,539
2,586,157
7,274,253
9,860,410
3,180,926
8,947,200
12,128,126
607,131
780,685
2,344,436
3,125,121
449,350
3/16/2011
Moline
1,104,813
3,748,707
4,853,520
443,597
Oak Forest
1,562,490
4,394,918
5,957,408
446,817
1,463,785
3,365,876
4,829,661
398,295
1,343,188
3,778,072
82,178
3,860,250
5,203,438
384,618
1,227,859
3,453,680
4,681,539
351,124
768,515
1,991,358
2,759,873
381,677
937,591
2,123,795
3,061,386
194,681
9/11/2013
616,498
4,930,886
5,547,384
583,488
1,772,161
4,074,966
5,847,127
482,204
Fort Wayne
1,814,885
3,965,792
5,780,677
112,364
667,821
2,656,839
2,656,889
3,324,710
394,099
4/12/2012
1,630,000
5,235,915
6,865,915
532,318
1,123,685
3,160,662
4,284,347
321,334
Kokomo
978,592
2,216,668
122,047
2,338,715
3,317,307
205,533
La Porte
1,765,195
3,959,682
5,724,877
112,191
903,696
2,245,585
76,549
2,322,134
3,225,830
96,460
12/30/2014
1,247,236
3,508,184
4,755,420
356,665
694,032
1,952,148
175,768
2,127,916
2,821,948
213,028
1,430,000
4,425,257
5,855,257
125,382
2,033,742
4,676,454
6,710,196
553,380
2,351,296
881,736
8/16/2006
F-25
1,665,544
4,684,786
14
4,684,800
6,350,344
476,287
Emporia
2,035,321
4,447,479
6,482,800
126,012
Hutchinson
1,456,992
3,620,465
5,077,457
150,853
12/23/2014
1,290,000
5,192,800
147,129
Merriam
1,441,117
4,053,526
5,494,643
412,108
1,340,000
3,335,460
4,675,460
138,978
Parsons
2,090,000
4,248,446
6,338,446
120,373
1,718,716
4,095,853
5,814,569
116,049
2,386,891
4,017,753
6,404,644
475,434
1,785,691
4,106,077
5,891,768
485,886
1,565,241
3,947,885
5,513,126
467,166
2,540,000
3,918,593
6,458,593
111,027
Mayfield
1,782,381
4,098,467
5,880,848
484,985
1,792,850
4,021,718
5,814,568
113,949
1,305,607
3,960,699
5,266,306
468,683
Amite
2,689,843
1,633,328
3,755,728
5,389,056
444,428
3,570,000
5,037,780
8,607,780
260,285
Morgan City
1,378,894
3,170,675
4,549,569
375,197
1,527,708
3,593,739
5,121,447
137,760
Brockton
1,420,000
5,586,439
7,006,439
400,361
Melrose
2,450,000
5,344,307
7,794,307
383,009
Baltimore
3,547,389
5,912
Elkton
1,751,013
3,252,546
5,003,559
1,024,550
Laurel
2,400,696
900,261
Biddeford
ME
3,587,125
424,476
Brewer
2,030,000
4,935,503
6,965,503
501,776
1,310,995
3,687,522
4,998,517
374,898
Lisbon
1,403,949
3,948,979
5,352,928
401,480
6/13/2013
Machias
1,250,032
3,516,047
4,766,079
357,465
6/5/2013
2,100,849
3,902,402
6,003,251
1,255,272
2,882,100
466,474
3,640,666
4,107,140
430,812
2,170,000
4,413,371
6,583,371
125,046
1,365,747
2,536,910
3,902,657
799,126
2,140,000
4,436,052
6,576,052
89,777
Macomb
1,084,185
3,049,559
4,133,744
310,038
Metamora
859,139
2,291,557
3,150,696
859,334
2,692,300
879,419
3,713,692
4,593,111
439,454
Northville
982,099
3,849,614
4,831,713
Norton Shores
2,046,387
4,471,658
6,518,045
126,697
Port Huron
1,908,747
4,281,697
6,190,444
121,315
1,640,000
4,489,124
6,129,124
127,192
Rockwood
972,962
2,736,715
57,268
2,793,983
3,766,945
278,591
Royal Oak
2,550,000
4,382,053
6,932,053
124,158
Taylor
2,092,605
4,572,653
6,665,258
129,559
3,184,828
3,194,804
1,728
Washington Townsh
1,028,277
2,892,301
3,920,578
294,051
4,106,753
485,966
Cloquet
1,220,000
5,151,588
6,371,588
523,745
3,482,700
499,111
4,072,537
4,571,648
481,917
Dellwood
766,461
2,438,272
3,204,733
467,335
1,580,000
5,184,052
6,764,052
527,045
Harrisonville
1,473,335
3,387,834
4,861,169
400,894
1,875,478
4,207,068
6,082,546
119,200
St. John
2,300,000
3,824,235
6,124,235
108,353
St. Joseph
1,293,855
3,639,311
4,933,166
369,997
744,817
2,300,087
3,044,904
440,850
1,117,749
3,143,966
4,261,715
319,637
5,109,166
7,299,166
519,432
681,200
2,649,759
3,330,959
507,871
Byram
1,243,088
3,425,993
4,669,081
405,409
1,828,528
3,995,605
5,824,133
113,209
Forest
2,991,069
353,943
1,749,695
4,347,797
6,097,492
224,636
1,721,543
4,102,591
5,824,134
116,240
Kalispell
3,629,051
5,519,051
102,823
3,118,366
369,007
923,616
2,092,139
21,513
2,113,652
3,037,268
194,488
1,280,821
2,945,163
4,225,984
348,511
High Point
1,573,851
4,426,874
6,000,725
450,066
Holly Springs
1,451,019
3,336,520
4,787,539
394,822
1,103,934
2,538,422
3,642,356
300,380
Walkertown
1,351,535
3,107,765
4,459,300
367,752
Grand Island
1,730,000
3,792,128
5,522,128
107,444
1,782,721
3,895,510
5,678,231
110,373
Derry
4,443,660
5,653,660
318,462
1,844,188
4,556,875
6,401,063
326,576
Plaistow
4,421,512
5,361,512
449,520
Carlstadt
2,630,000
4,733,522
7,363,522
244,565
1,060,000
3,040,000
4,100,000
Ledgewood
2,060,000
5,490,100
7,550,100
393,457
Mount Ephraim
5,039,976
7,449,976
361,198
Sewell
1,510,000
4,969,996
6,479,996
356,183
1,652,630
4,106,603
5,759,233
212,174
800,000
2,770,950
3,570,950
1,205,355
Reno
2,602,911
2,603,086
3,703,086
1,132,386
850,000
2,306,647
3,156,647
1,003,383
3,951,105
467,547
2,271,513
3,271,513
988,099
2,678,380
3,228,380
1,165,086
Angola
1,644,457
3,781,320
5,425,777
447,456
1,319,171
4,557,735
5,876,906
539,332
Brooklyn
3,169,829
375,096
6,286,888
3,091,053
9,377,941
365,775
Cohoes
993,687
2,284,916
3,278,603
270,382
2,844,843
336,640
Greece
1,530,625
4,305,290
5,835,915
437,704
Jamaica
3,265,890
386,464
Le Roy
664,571
4,160,651
4,825,222
492,344
Macedon
1,072,714
2,391,311
3,464,025
3,986
Ontario
4,641,592
5,291,592
7,736
Orchard Park
715,690
4,719,148
5,434,838
558,432
Patchogue
1,717,702
5,188,982
6,906,684
614,030
Penn Yan
843,439
3,784,664
4,628,103
447,852
Plattsburgh
2,122,505
4,610,552
6,733,057
545,582
Ridgewood
6,872,644
3,221,483
10,094,127
381,209
519,775
3,589,694
4,109,469
424,780
495,551
3,585,587
4,081,138
424,295
4,562,079
539,846
Saint Albans
6,550,000
4,455,729
11,005,729
452,999
Stony Point
3,089,020
2,340,671
4,770,714
7,111,385
564,534
1,474,646
4,898,244
6,372,890
579,626
F-26
Wilton
1,763,372
4,054,756
5,818,128
479,813
Cadiz
1,198,612
904,795
2,080,515
47,152
2,127,667
3,032,462
246,964
1,672,857
1,001,306
2,302,436
3,303,742
272,455
1,971,631
4,308,306
6,279,937
122,069
1,153,997
3,245,924
4,399,921
330,002
4,383,667
6,963,667
124,204
Cortland
1,440,000
1,364,725
1,250
1,365,975
2,805,975
594,558
East Liverpool
1,576,274
958,357
2,203,679
55,383
2,259,062
3,217,419
261,897
1,320,000
4,322,403
5,642,403
122,468
1,873,535
4,202,711
6,076,246
119,077
Liberty Township
1,892,611
4,135,636
6,028,247
117,176
1,053,739
706,599
1,624,777
45,482
1,670,259
2,376,858
193,179
1,272,742
1,852,742
545,152
3,120,466
1,653,932
3,803,106
5,457,038
450,034
1,654,400
3,804,182
5,458,582
Mayfield Heights
2,703,730
851,674
1,286,721
3,619,244
99,570
3,718,814
5,005,535
368,579
Sidney
1,359,676
3,198,465
4,558,141
122,608
Upper Arlington
3,010,646
5,513,043
8,523,689
652,377
1,326,083
2,286,083
576,837
1,241,503
2,041,503
540,045
1,241,308
1,771,308
531,688
El Reno
670,000
3,457,967
4,127,967
144,082
4,215,560
5,775,560
119,441
Ponca City
1,247,744
3,100,506
4,348,250
160,193
813,500
5,707
7,207
820,707
972
10/31/2013
5/3/2013
Warr Acres
1,813,278
3,962,282
112,265
5,005,148
6,445,148
8,342
1,933,000
3,003,160
4,936,160
966,016
Carlisle
2,907,378
1,687,948
3,881,323
5,569,271
459,290
Delmont
1,246,023
10,475
1,256,498
1,976,498
550,130
Emmaus
1,568,237
4,411,084
5,979,321
448,460
6/20/2013
Export
1,666,912
2,376,912
725,095
1,352,590
179,859
1,532,449
1,274,780
1,920,000
3,580,000
5,967
Imperial
1,255,750
2,995,001
4,250,751
1,123,125
Johnstown
2,593,436
2,843,436
1,128,136
2,010,255
2,610,255
874,452
Norristown
3,603,611
1,135,136
3,803,732
1,198,174
Phoenixville
3,510,000
5,123,285
8,633,285
520,867
3,973,499
2,784,426
5,002,215
7,786,641
591,929
3,304,996
4,704,996
1,041,072
Saint Marys
1,663,632
3,090,403
4,754,035
994,079
Slippery Rock
1,295,495
196,904
1,492,399
1,277,489
Uniontown
1,617,507
4,549,669
6,167,176
462,550
2,606,080
4,906,080
820,914
Yeadon
3,253,285
1,046,473
Woonsocket
RI
1,297,497
2,939,041
4,236,538
279,209
1,430,093
3,288,404
4,718,497
389,128
1,795,692
3,451,662
408,447
3,842,297
5,492,297
108,865
1,563,355
3,677,593
5,240,948
140,974
3,683,903
5,173,903
104,377
1,090,783
2,695,258
3,786,041
211,129
1/9/2014
1,837,294
4,014,760
5,852,054
113,752
4,127,381
5,617,381
116,942
754,510
2,122,261
58,911
2,181,172
2,935,682
216,131
973,733
2,406,034
3,379,767
188,473
1,633,403
3,892,546
5,525,949
110,289
2,783,909
27,134
2,811,043
3,161,043
219,688
White House
1,649,422
3,930,720
5,580,142
111,370
1,623,904
3,734,059
5,357,963
441,864
Coppell
1,076,551
3,097,830
4,174,381
366,577
1,268,978
3,569,338
4,838,316
362,883
2,860,000
3,490,686
6,350,686
133,810
Lubbock
973,713
2,738,827
3,293
2,742,120
3,715,833
278,457
1,514,567
3,482,644
4,997,211
412,113
1,331,410
3,131,974
4,463,384
120,059
1/16/2015
Fredericksburg
2,901,815
914,070
King George
2,942,157
1,772,216
4,075,092
5,847,308
482,219
3,600,673
560,565
3,290,085
3,850,650
389,327
1,255,931
3,103,326
91,118
3,194,444
4,450,375
243,659
1/16/2014
1,388,198
3,255,705
4,643,903
70,540
VT
2,049,745
4,643,003
6,692,748
456,562
7/19/2013
Graham
1,396,502
3,928,032
5,324,534
399,350
Lynnwood
1,410,480
3,967,350
5,377,830
403,347
3,785,303
6,309
1,835,489
4,535,379
6,370,868
370,389
12/11/2013
Antigo
1,540,000
4,754,008
6,294,008
134,697
Kaukauna
1,893,714
4,138,045
6,031,759
117,245
Menomonee Falls
2,180,000
4,235,106
6,415,106
119,995
2,200,000
3,831,758
6,031,758
108,566
4,128,507
5,958,507
116,974
Monona
1,135,636
2,806,085
3,941,721
229,164
1,976,049
4,317,960
6,294,009
122,342
Two Rivers
1,280,000
4,776,734
6,056,734
135,341
Wisconsin Rapids
Buckhannon
1,716,898
3,189,190
4,906,088
1,004,593
Huntington
1,085,818
3,802,536
4,888,354
449,967
Rock Springs
1,970,000
4,644,222
6,614,222
131,586
281,750
625,779
69,854
18,665
714,298
996,048
676,882
3/30/1988
Corona
144,856
671,584
26,846
698,430
843,286
693,290
12/19/1984
Santee
248,418
551,748
37,230
29,831
618,809
867,227
569,885
Coconut Creek
310,111
1,243,682
1,553,793
814,898
8/2/1999
12/1/1998
1,080,444
3,346,772
3,346,845
4,427,289
2,381,757
3/4/1998
135,148
626,647
26,949
653,596
788,744
648,244
238,263
504,897
5,352
521,753
760,016
508,861
195,650
387,355
9,289
396,698
592,348
388,366
528,604
90,133
22,315
641,052
879,052
583,194
4/6/1989
1,049,287
1,949,085
233,921
63,743
2,246,749
3,296,036
1,267,074
Missouri City
221,025
437,593
265,395
703,116
924,141
523,378
Southlake
228,279
511,750
25,283
537,033
765,312
499,559
3/10/1993
1,600,000
6,300,995
7,900,995
2,404,876
6/28/2006
Chantilly
688,917
3,208,607
3,897,524
2,065,357
Kingstowne
1,191,396
1,491,396
740,952
8/22/2000
11/8/1999
1,450,000
9,207,989
9,209,989
10,659,989
625,295
F-27
Riverside
7,800,000
(416,985
7,383,015
7,383,145
7/5/2002
Vista
2,300,022
1,500,000
768
1,500,768
432
6/29/2001
1,600,768
4,000,000
4,000,463
1,956,296
3,949,402
208,052
140,128
4,297,582
6,253,878
3,065,386
4/4/1997
Calverton
6,200,000
744
6,200,744
Medford
745
1,500,745
1,330,000
2,776,647
4,106,647
143,460
9/11/2014
1,310,000
1,920,140
3,230,140
105,608
8/6/2014
Lake Worth
679,079
1,262,568
1,262,708
1,941,787
629,196
6,661,063
7,091,063
309,264
5/9/2014
Cameron
16,851,823
18,280,024
449,040
18,729,064
19,669,064
1,402,908
7,873,564
226,784
15,056,005
15,282,789
1,982,374
9/25/2012
Elko
1,401,115
10,342,501
17,091
10,359,592
11,760,707
1,988,772
3/15/2011
1,010,134
1,877,384
2,887,518
935,563
245,137
456,324
701,461
143,742
2/1/2008
1,620,871
N/A
Turlock
222,250
493,627
9,911
19,400
522,938
745,188
498,059
Canon City
66,500
147,699
35,838
111
183,648
250,148
148,185
11/12/1987
695,730
40,500
736,309
1,049,559
736,291
3/10/1987
476,179
725,023
10,154
735,447
1,211,626
500,267
2,299,927
1,025,624
2,407,011
3,432,635
284,830
532,556
940,177
1,472,733
355,668
6/9/2006
12/15/2005
Palm Coast
713,370
2,421,133
3,134,503
286,501
Plantation
1,284,678
1,160,000
1,049,443
2,209,443
82,206
Pompano Beach
1,563,202
2,354,641
3,917,843
278,633
1,033,457
992,950
1,642,950
77,781
1,588,122
1,305,410
2,245,410
102,257
Hinesville
172,611
383,376
48,425
3,796
435,597
608,208
398,820
12/22/1987
Coeur D Alene
165,900
368,468
534,368
9/21/1987
Carpentersville
1,752,080
1,636,238
Northlake
1,461,799
2,052,944
2,383,995
6,000
2,389,995
4,442,939
282,169
3,252,143
Stickney
743,660
1,363,377
2,107,037
161,333
229,846
741,196
971,042
87,708
378,555
1,220,743
1,599,298
144,455
513,702
1,656,556
2,170,258
196,026
Duxbury
411,113
1,325,735
1,736,848
156,879
434,396
1,400,817
1,835,213
165,763
Hull
242,499
781,996
1,024,495
92,536
830,700
2,678,796
3,509,496
316,991
Middleborough
1,225,841
3,953,025
5,178,866
467,775
625,848
724,941
1,350,789
85,785
496,997
1,602,690
2,099,687
189,652
Pembroke
520,463
1,678,359
2,198,822
198,606
555,446
7,109,710
7,665,156
289,121
539,719
50,595
15,595
605,909
895,030
202,803
8/30/2007
530,316
1,710,132
2,240,448
202,366
Rockland
1,341,048
6,112,682
7,453,730
723,334
Scituate
403,299
1,300,535
1,703,834
153,897
South Yarmouth
477,020
1,538,269
2,015,289
182,029
West Dennis
1,065,353
898,827
1,964,180
106,361
Blue Springs
222,569
494,333
716,902
7/31/1989
1,049,683
995,035
1,465,035
77,944
392,983
1,267,269
1,660,252
149,960
Cedar Grove
409,890
1,321,792
1,731,682
156,412
Clementon
424,795
1,369,857
1,794,652
162,100
376,731
1,214,861
1,591,592
143,759
308,425
994,592
1,303,017
117,693
East Brunswick
445,430
1,436,398
1,881,828
169,974
612,188
1,974,149
2,586,337
233,608
Fanwood
Garfield
372,910
1,202,541
1,575,451
142,301
Green Brook
319,003
1,028,702
1,347,705
121,730
Haddonfield
312,763
1,008,581
1,321,344
119,349
Kearny
278,653
898,584
1,177,237
106,332
Mahwah
253,447
817,302
1,070,749
96,714
447,368
1,442,647
1,890,015
170,713
Millstone Townshi
270,310
871,681
1,141,991
103,149
Mountain Lakes
531,890
887,417
1,419,307
105,011
Northvale
259,002
835,217
1,094,219
98,834
450,522
1,452,819
1,903,341
171,917
Parlin
345,431
1,113,926
1,459,357
131,815
Paterson
122,722
395,747
518,469
46,830
469,318
639,560
1,108,878
75,681
Pompton Plains
226,298
729,755
956,053
86,354
Raritan
370,127
1,193,564
1,563,691
141,238
Somerville
376,597
1,214,429
1,591,026
143,707
Tenafly
463,499
1,494,667
1,958,166
176,869
459,146
1,480,629
1,939,775
175,208
Vineland
236,628
763,064
999,692
90,296
West Orange
174,486
562,673
737,159
66,583
259,916
838,164
1,098,080
99,183
Westwood
205,094
661,375
866,469
78,263
Woodland Park
206,695
666,539
873,234
78,874
80,500
178,794
8,003
186,797
267,297
185,096
155,473
225,473
1,404,100
950,455
2,963,243
3,913,698
350,650
Beachwood
1,125,779
1,062,628
2,042,628
83,239
214,737
85,425
25,900
116,655
331,392
58,460
2,399,969
17,044,099
19,444,068
3,266,786
3/31/2011
Euclid
602,664
1,027,248
1,157,248
80,468
Groveport
277,198
445,497
35,314
11,520
492,331
769,529
368,543
Mentor
906,161
1,276,241
1,626,241
99,972
353,324
269,997
(15,631
8,576
314,484
301,782
616,266
204,156
Pepper Pike
846,354
865,808
1,395,808
67,822
Shaker Heights
916,602
792,759
1,442,759
62,099
618,270
1,055,888
1,674,158
124,947
Ambler
1,374,943
4,862,810
6,237,753
575,433
Blairsville
297,140
958,202
1,255,342
113,387
Clarks Summit
165,407
533,394
698,801
63,118
Dillsburg
157,114
506,653
663,767
59,954
F-28
Harleysville
1,486,141
16,590,526
18,076,667
1,963,212
Lansdale
582,679
1,878,990
2,461,669
222,347
Lansford
724,643
2,336,788
3,061,431
276,520
Lehighton
353,743
1,140,729
1,494,472
134,986
Limerick
1,198,208
1,141,397
2,339,605
135,065
Media
93,870
302,705
396,575
35,820
312,084
1,006,391
1,318,475
119,090
658,040
2,122,012
2,780,052
251,105
Palmerton
1,152,944
3,717,949
4,870,893
439,957
680,814
938,913
1,619,727
111,105
287,110
925,857
1,212,967
109,560
300,032
967,528
1,267,560
114,491
200,022
645,020
845,042
76,327
130,580
421,086
551,666
49,829
270,560
872,488
1,143,048
103,244
203,808
657,230
861,038
77,772
Sellersville
436,843
1,408,706
1,845,549
166,697
Skippack
484,437
1,562,185
2,046,622
184,859
Slatington
467,608
1,507,917
1,975,525
178,437
1,331,882
4,294,979
5,626,861
508,239
369,856
1,192,691
1,562,547
141,135
Summit Hill
94,816
2,266,101
2,360,917
268,155
Swarthmore
165,423
533,447
698,870
63,125
Tannersville
277,284
894,170
1,171,454
105,810
Walnutport
1,068,012
1,437,132
2,505,144
170,061
253,725
818,198
1,071,923
96,820
Wyomissing
553,724
1,785,618
2,339,342
211,298
10,803,051
25,511,279
36,314,330
2,156,310
49,000
108,831
42,051
6,264
157,146
206,146
136,658
385,199
716,468
1,101,667
225,687
265,985
495,071
761,056
155,948
29,307,500
1,784,980
36,815,951
38,600,931
4,847,433
9/26/2012
3,112,401
32,725,202
32,725,349
35,837,750
5,836,124
7/13/2011
Weldon Springs
3,675,034
13,827,581
17,502,615
2,604,194
4/1/2011
2,022,114
24,664,964
26,687,078
2,084,777
7,442,416
7,892,416
434,402
12/13/2013
201,507
1,828,803
2,030,310
154,577
6,556,190
1,568,476
13,510,652
41,581
13,552,233
15,120,709
1,144,445
12/20/2012
Weslaco
207,384
1,882,135
2,089,519
159,085
Demopolis
1,300,640
658,601
2,140,452
14,135
2,154,587
2,813,188
1,839,677
2,199,677
193,166
Blytheville
5,809,800
772,319
15,370,177
16,142,496
1,818,804
Coolidge
1,865,375
2,245,375
77,724
12/11/2014
2,812,308
3,132,308
145,303
9/24/2014
Sonora
2,886,485
1,199,554
3,898,549
5,098,103
Tustin
10,530,000
9,883,431
20,413,431
543,589
Monte Vista
47,652
582,159
54,569
1,584
638,312
685,964
397,844
12/23/1998
Pawcatuck
1,090,816
3,545,153
13,565
3,558,718
4,649,534
427,281
North Ft Myers
729,366
3,292,417
4,021,783
71,336
6/4/2015
Orange Park
478,314
618,348
163,348
809,675
1,287,989
528,556
597,637
1,942,320
20,582
1,962,902
2,560,539
238,949
Clarinda
439,267
816,010
26,503
12,938
855,451
1,294,718
314,435
Garnett
59,690
628,516
90,686
719,240
778,930
356,498
Hillsboro
335,292
622,914
622,952
958,244
239,828
423,725
787,146
8,938
796,084
1,219,809
303,202
503,126
121,597
624,723
1,034,723
21,955
12/12/2014
Maysville
1,030,000
1,440,622
2,470,622
151,265
5/28/2013
Mansura
1,435,525
557,316
1,811,276
11,163
1,822,439
2,379,755
220,730
2,555,782
3,545,782
106,491
12/4/2014
Calais
2,236,794
2,676,794
115,568
9/26/2014
2,589,000
2,969,000
4,315
12/16/2015
2,547,854
42,796
2,590,650
308,118
2,292,729
2,642,729
95,530
Stevensville
404,904
2,547,727
900
2,548,627
2,953,531
131,661
Long Prairie
88,892
553,997
554,084
642,976
377,672
Paynesville
49,483
525,406
35,306
560,750
610,233
359,447
Spring Valley
69,785
579,238
579,322
649,107
394,880
Warroad
580,046
650,046
395,377
210,643
467,844
467,971
678,614
467,905
210,070
466,571
676,641
5/13/1988
168,350
373,910
542,260
Willow Springs
416,494
773,718
1,190,212
297,882
387,489
1,749,157
2,136,646
142,848
281,867
769,890
6,265
19,476
795,631
1,077,498
585,124
Billings
617,235
2,786,247
3,403,482
60,369
6/24/2015
Glendive
567,581
2,529,794
3,097,375
54,812
676,201
3,052,428
3,728,629
137,359
11/17/2014
484,913
2,188,937
2,673,850
156,874
3/11/2014
Mayville
59,333
565,562
5,087
570,649
629,982
385,653
Ainsworth
362,675
673,768
673,862
1,036,537
259,421
388,599
721,914
146,288
868,240
1,256,839
281,936
59,559
616,252
14,805
631,141
690,700
421,804
918,965
33,694
952,659
1,002,659
56,950
317,010
1,431,011
1,748,021
88,246
6/12/2014
Milwaukie
400,336
49,088
449,482
629,732
433,325
Dubois
1,407,900
682,202
2,217,155
10,440
2,227,595
2,909,797
264,843
Ebensburg
581,699
16,421,564
17,003,263
1,943,218
Elizabethville
691,197
2,246,390
2,251,390
2,942,587
268,792
759,190
2,467,367
3,651
2,471,018
3,230,208
293,481
438,715
1,955,421
2,394,136
42,367
14,900,000
21,717,123
5,161
21,722,284
24,272,284
1,218,421
712,114
2,314,371
13,000
2,327,371
3,039,485
280,993
1,948,179
2,238,179
107,150
8/18/2014
Carthage
316,571
1,411,005
1,727,576
2,352
12/17/2015
197,708
507,647
17,670
23,118
548,435
746,143
385,995
Coleman
451,661
14,375
466,074
709,134
173,925
Colorado City
92,535
505,276
63,690
569,050
661,585
344,592
Devine
212,408
394,735
16,268
411,104
623,512
152,024
1,271,080
564,285
1,833,926
25,360
1,859,286
2,423,571
230,561
492,842
2,224,730
2,717,572
181,686
Presidio
407,657
757,362
7,650
765,012
1,172,669
291,709
79,280
1,299,056
19,997
1,319,206
1,398,486
474,400
10/19/2006
9/7/2006
Yoakum
390,147
724,821
24,408
749,316
1,139,463
279,123
439,889
1,985,696
2,425,585
49,642
5/21/2015
384,795
22,814
407,609
580,859
403,617
435,317
42,356
29,168
506,841
702,841
471,286
9/17/1987
189,000
19,146
438,923
627,923
435,731
F-29
Green Bay
5,852,883
7,362,883
595,043
Sussex
7,106,415
7,756,415
722,486
Ronceverte
772,945
2,512,071
2,514,571
3,287,516
297,772
571,162
2,545,759
3,116,921
55,158
368,655
9,028,151
260,984
9,289,135
9,657,790
806,414
El Centro
2,185,899
2,705,899
550,118
9/17/2009
Redding
675,805
20,005,327
188,619
20,193,946
20,869,751
1,748,763
672,578
9,520,731
332,235
9,852,966
10,525,544
873,145
779,626
9,945,848
106,459
10,052,307
10,831,933
821,132
Sioux City
77,340
4,538,558
24,583
4,563,141
4,640,481
388,996
Caldwell
666,412
2,891,593
7,400
2,898,993
3,565,405
248,494
1,045,866
8,587,804
9,633,670
725,874
823,630
9,270,887
4,432
9,275,319
10,098,949
783,620
Knoxville
760,745
8,994,542
17,310
9,011,852
9,772,597
763,628
320,661
6,564,200
6,884,861
554,831
399,222
9,540,572
4,139
9,544,711
9,943,933
807,632
146,259
1,880,444
124,540
2,004,984
2,151,243
169,129
68,097
708,427
56,419
764,846
832,943
62,106
274,223
5,385,490
1,750
5,387,240
5,661,463
455,567
Parkersburg
494,436
12,703,842
19,723
12,723,565
13,218,001
1,079,655
807,252
1,499,183
2,306,435
242,368
12/21/2011
664,796
1,234,621
1,899,417
199,597
546,083
1,014,153
1,560,236
163,955
783,510
1,455,089
2,238,599
235,239
Buena Park
2,136,844
3,968,425
6,105,269
641,562
Burbank
2,193,827
4,074,250
6,268,077
658,670
Carson
949,709
1,763,744
2,713,453
285,139
1,044,679
1,940,119
2,984,798
313,653
Cloverdale
1,505,000
2,795,321
4,300,321
1,374,366
9/30/2003
394,903
733,392
1,128,295
118,565
Fortuna
1,190,000
2,210,308
3,400,308
1,086,735
3,270,797
6,074,336
9,345,133
982,018
2,292,868
3,527,489
370,680
Inglewood
1,661,990
3,086,553
4,748,543
498,993
712,282
1,322,809
2,035,091
213,854
1,424,563
2,645,617
4,070,180
427,708
1,576,516
2,927,816
4,504,332
473,330
1,638,247
3,042,460
4,680,707
491,864
1,994,388
3,703,864
5,698,252
598,791
3,111,111
5,777,778
8,888,889
934,074
Monrovia
1,139,650
2,116,494
3,256,144
342,166
North Hollywood
4,036,263
7,495,917
11,532,180
1,211,840
2,374,272
4,409,361
6,783,633
712,847
Pacoima
2,113,102
3,924,331
6,037,433
634,434
1,187,136
2,204,680
3,391,816
356,423
Redondo Beach
1,306,667
2,426,666
3,733,333
392,311
Redwood City
1,068,422
1,984,213
3,052,635
320,781
759,767
1,410,995
2,170,762
228,111
Salinas
San Diego
1,633,333
3,033,334
4,666,667
490,389
Thousand Oaks
2,018,131
3,747,957
5,766,088
605,920
Boulder
426,675
1,199,508
1,199,814
1,626,489
1,082,146
1/5/1984
4,825,479
1,020,000
5,192,590
6,212,590
337,518
2,570,000
676,996
93,536
294
770,826
3,340,826
148,905
2,610,000
5,769,576
141,628
5,911,204
8,521,204
1,227,945
4,689,646
6,829,646
1,664,813
2/9/2007
3,315,335
706,512
5,338,974
5,339,114
6,045,626
631,820
1,672,828
7,617,013
1,539
7,618,552
9,291,380
901,796
6,357,617
6,712
6,364,329
752,532
3,398,717
3,838,717
152,942
Festus
1,120,000
5,163,355
5,164,355
6,284,355
404,654
Republic
930,000
3,036,180
3,966,180
136,628
1,167,312
3,207,718
4,375,030
144,347
1,635,901
4,495,381
6,131,282
4,580,300
5,730,300
358,790
5,765,303
6,655,303
451,615
456,000
562,344
19,733
582,252
1,038,252
576,860
721,365
1,339,679
2,061,044
216,581
Canandaigua
757,160
13,354,409
14,111,569
1,580,272
Nanuet
3,149,527
20,960,357
24,109,884
2,480,309
Seaford
13,806,243
6,180,000
6,058,740
12,238,740
393,818
Bartlesville
1,573,823
1,574,823
3,224,823
328,356
1,900,618
1,901,618
3,481,618
396,439
3,000,000
2,474,669
2,475,669
5,475,669
515,689
2,590,000
2,472,123
2,473,123
5,063,123
515,502
1,550,000
203,990
1,753,990
42,498
2,000,000
753,609
2,753,609
157,002
3,485,618
3,486,618
6,486,618
726,647
Central Point
840,000
1,560,308
2,400,308
767,151
Pendleton
Upper Darby
8,836,277
3,300,000
7,383,261
10,683,261
479,912
1,465,451
3,605,451
305,302
Colchester
983,640
13,718,577
14,702,217
1,623,365
1,756,961
3,262,927
5,019,888
527,507
4,490,000
6,515,145
7,355,145
445,202
Neenah
3,480,000
1,070,000
4,648,820
5,718,820
317,669
Goodyear
2,010,000
20,928,681
22,938,681
453,455
6/10/2015
2,608,389
3,418,783
6,027,172
1,897,391
6/6/2002
6/26/2001
6,556,549
8,656,549
876,358
3/20/2012
5,375,000
9,982,143
15,357,143
1,713,601
9/21/2011
2,259,649
4,698,845
6,958,494
806,635
3,260,933
6,056,019
9,316,952
1,039,617
812,570
3,467,558
4,280,128
329,418
755,676
3,224,770
3,980,446
306,353
Ceres
2,145,750
3,984,963
6,130,713
684,085
4,226,250
7,848,750
12,075,000
1,818,294
3/30/2010
Diamond Bar
3,038,879
5,494,141
777
5,494,918
8,533,797
3,004,267
3/21/2000
9/29/1998
10,206,994
3,223
10,210,217
12,780,217
936,166
836,500
2,053,894
2,890,394
215,213
10/3/2012
13,537,029
14,827,029
1,286,018
F-30
Los Banos
1,378,343
2,559,779
3,938,122
439,429
McClellan
396,459
1,691,850
2,088,309
160,726
Merced
2,440,523
3,350,523
240,653
Norco
1,247,243
4,907,430
4,907,457
6,154,700
2,585,134
12/13/2000
6/29/1999
Rancho Cordova
1,040,000
6,791,316
7,831,316
645,175
Rocklin
1,165,243
4,972,558
6,137,801
472,393
7,743,081
138,677
7,881,758
9,851,758
728,789
449,230
1,917,043
2,366,273
182,119
2,400,000
14,079,539
16,479,539
1,290,624
Shingle Springs
1,575,000
3,675,307
5,250,307
399,137
2,320,442
4,309,392
6,629,834
739,779
1,602,459
2,975,994
4,578,453
510,879
509,091
945,454
1,454,545
124,485
9/28/2012
556,906
1,034,254
1,591,160
177,547
3,228,902
5,996,532
9,225,434
1,029,405
3,675,429
5,250,429
399,141
Vallejo
756,000
3,404,487
4,160,487
243,531
South Windsor
5,567,814
1,410,000
8,239,228
9,649,228
508,086
6/27/2014
1,979,598
8,256,394
40,863
167,804
8,465,061
10,444,659
5,066,270
12/30/2003
5/31/1995
Hialeah
2,104,393
3,910,500
6,014,893
1,375,176
3/26/2007
3,115,101
5,670,715
106
5,670,821
8,785,922
2,950,621
5/19/2000
Oakland Park
2,800,000
2,196,480
4,996,480
1,178,969
7/6/2001
3/27/2001
2,144,778
3,755,905
5,900,683
1,824,849
8/7/2003
11/26/2002
Pembroke Pines
1,714,388
4,387,824
6,102,212
2,648,591
12/11/2000
10/1/1999
Stuart
8,258,878
9,408,878
839,653
2,850,000
3,601,884
6,451,884
750,392
1,200,000
7,835,546
9,035,546
587,666
1,680,000
5,108,661
29,750
5,138,411
6,818,411
254,085
Urbandale
4,720,000
27,389,120
32,109,120
593,431
Alsip
2,944,221
5,467,839
8,412,060
1,321,394
12/30/2009
Bolingbrook
3,010,512
8,161,186
11,171,698
2,633,860
10/26/2007
1/24/2007
1,963,770
10,038,516
12,002,286
1,298,648
6,648,839
7,108,839
542,989
12/12/2013
Waukegan
2,961,951
5,500,766
8,462,717
1,329,352
Carmel
3,675,000
6,825,000
10,500,000
1,581,125
3/29/2010
3,008,186
6,999,881
10,008,067
2,417,575
3/20/2007
8/3/2006
Southport
2,121,873
7,522,735
9,644,608
2,379,653
6/8/2007
25,283,643
26,693,643
547,812
2,560,000
8,523,096
11,083,096
1,065,387
11/30/2012
9,452,507
1,480,000
13,081,657
41,009
13,122,666
14,602,666
1,510,748
2/1/2013
3,930,000
6,125,110
10,055,110
643,137
5/22/2013
Nottingham
3,055,453
5,675,230
8,730,683
1,995,788
1,980,000
31,441,153
33,421,153
681,225
3,611,925
8,804,654
12,416,579
2,789,082
6/5/2008
4/18/2007
St. Louis Park
36,979,042
38,139,042
801,213
2,420,000
7,649,004
10,069,004
1/29/2014
4,890,000
21,252,496
26,142,496
460,471
1,130,000
10,814,154
11,944,154
847,109
1,654,529
3,073,912
4,728,441
1,091,238
2/16/2007
Montvale
7,980,000
35,070,170
43,050,170
759,854
16,710,000
50,611,800
67,321,800
1,096,589
Yonkers
1,488,894
2,765,894
4,254,788
972,672
1,504,354
2,794,305
(511,270
2,283,431
3,787,785
942,175
6,891,202
798,850
7,252,290
11,662,219
31,701
11,693,942
1,346,824
7,517,501
764,279
8,072,416
10,307,569
11,317,569
1,185,370
Maumee
1,390,000
10,042,422
11,432,422
786,656
10,933,936
11,553,936
856,492
6,354,341
1,670,000
7,738,611
9,408,611
889,940
2/22/2013
2,254,830
4,188,725
6,443,555
1,486,997
4,420,799
5,543,009
9,963,808
895,020
1/12/2011
Cypress
1,417,377
5,696,789
7,114,166
2,174,193
5/15/2006
9/14/2005
5,293,733
6,555,637
11,849,370
2,439,938
8/4/2006
11/9/2005
1,445,901
5,277,886
6,723,787
3,286,979
6/2/2000
Keller
1,478,222
5,679,604
7,157,826
2,314,816
9/8/2005
12/16/2004
McKinney
1,805,460
5,972,111
7,777,571
2,379,860
12/7/2005
4/20/2005
3,178,115
5,832,224
9,010,339
2,324,313
12/6/2005
4/22/2005
2,075,196
3,195,196
536,092
7/29/2009
2,489,568
3,689,568
643,139
6,260,000
19,565,376
25,825,376
423,916
2,650,000
8,480,517
11,130,517
70,671
10/14/2015
4,086,250
7,588,750
11,675,000
1,833,948
12/21/2009
697,210
2,265,932
2,963,142
268,135
Hot Springs
889,200
210,979
2,003,689
2,214,668
169,359
235,299
2,234,659
2,469,958
188,882
2,494,700
904,597
5,821,180
6,725,777
492,028
486,371
15,383,518
15,869,889
1,154,138
Shasta Lake
390,906
9,754,092
10,144,998
824,453
526,247
1,710,304
2,236,551
202,386
290,369
788,880
83,729
31,059
903,668
1,194,037
602,360
Valdosta
432,035
1,404,115
1,836,150
166,154
413,489
1,343,840
1,757,329
159,021
494,854
1,608,277
2,103,131
190,313
564,055
1,833,180
2,397,235
216,926
521,988
1,696,460
2,218,448
200,748
974,965
423,234
1,375,511
1,798,745
162,769
398,292
740,107
21,044
15,024
776,175
1,174,467
258,655
11/14/2007
1,523,155
1,863,155
124,391
17,208,774
2,852,903
38,694,147
18,301
38,712,448
41,565,351
3,258,663
11,501,226
4,278,685
19,900,592
24,179,277
1,682,074
Gulfport
299,464
502,326
224,556
46,809
773,691
1,073,155
436,170
3,704,640
811,533
5,498,659
6,310,192
650,675
1,733,949
707,636
2,299,818
3,007,454
272,145
726,626
1,351,151
22,995
1,374,146
2,100,772
499,786
Okmulgee
679,865
397,605
1,292,216
1,689,821
152,912
763,355
2,480,903
3,244,258
293,574
814,930
446,204
1,450,164
1,896,368
171,603
498,284
1,619,423
2,117,707
191,632
Dickson
531,717
1,728,079
2,259,796
204,489
602,208
1,957,176
2,559,384
231,599
822,791
2,674,071
3,496,862
316,432
1,607,524
56,219,108
57,826,632
4,751,853
373,499
836,071
7,601
33,022
876,694
1,250,193
635,280
Muskego
1,528,232
26,297,695
27,825,927
2,222,781
1,079,232
2,594,956
132,816
2,727,888
3,807,120
1,886,449
7/21/1998
Osceola
88,759
520,047
4,083
524,130
612,889
368,981
F-31
Wynne
547,576
58,039
2,024
607,639
677,639
408,855
2/24/1999
390,849
6,775
57
397,681
697,681
397,644
5/17/1988
Pueblo
371,645
1,207,845
1,579,490
142,928
643,736
3,621,163
254,336
243,250
4,118,749
4,762,485
2,817,824
1,020,608
1,450,608
716,125
6/26/1998
397,101
1,290,578
1,687,679
152,718
339,690
543,504
883,194
415,780
364,939
1,186,052
1,550,991
140,350
370,809
1,205,128
1,575,937
142,607
370,810
1,205,131
1,575,941
685,000
885,624
1,570,624
621,411
494,763
767,737
71,880
373
839,990
1,334,753
595,449
West Palm Beach
347,651
706,081
69,111
775,565
1,123,216
522,200
254,902
486,812
32,783
519,679
774,581
384,504
Davenport
930,689
54,520
787
985,996
1,255,996
653,307
910,689
910,783
1,350,783
639,067
180,628
653,162
108,685
762,026
942,654
569,172
4,321,944
5,391,944
208,894
10/28/2014
185,955
413,014
31,870
8,583
453,467
639,422
444,192
740,725
58,610
799,394
1,229,394
520,050
810,608
168
810,776
1,210,776
568,932
835,608
1,285,608
586,316
485,000
895,689
266
895,955
1,380,955
628,556
Bay City
397,531
1,291,976
1,689,507
152,884
500,502
1,055,244
1,555,746
712,253
3/1/1999
Hattiesburg
660,608
660,776
960,776
463,682
306,460
995,995
1,302,455
117,859
Asheboro
373,128
1,212,666
1,585,794
143,499
768,222
843,401
46,414
37,821
927,636
1,695,858
646,091
455,921
1,481,742
1,937,663
175,340
448,156
1,456,507
1,904,663
172,353
Green Island
1,181,947
20,808,780
39,468
20,848,248
22,030,195
1,761,624
Oneonta
354,283
1,151,419
1,505,702
136,251
Rotterdam
390,926
1,270,510
1,661,436
150,344
Ashtabula
359,857
1,169,537
1,529,394
138,395
401,723
698,872
48,970
748,048
1,149,771
504,097
6/29/1998
Kettering
316,341
1,028,109
1,344,450
121,660
830,689
1,080,689
582,865
Piqua
375,833
1,221,457
1,597,290
144,539
Altoona
745,694
1,200,694
523,226
Cranberry
369,761
1,201,723
1,571,484
142,204
Erie
900,689
1,410,689
631,981
Pennsdale
835,648
1,150,648
586,344
Whitehall
515,525
1,146,868
1,662,393
804,717
900,725
901,021
1,501,021
632,229
Murrells Inlet
296,236
962,766
1,259,002
113,927
381,076
857,261
49,140
469
906,870
1,287,946
652,780
9/26/1997
750,608
2,057
752,677
1,132,677
527,080
804,262
1,432,520
59,873
1,492,471
2,296,733
1,089,716
6/30/1997
Abilene
680,616
1,080,616
477,563
419,734
559,734
420,438
9/12/1988
Plainview
40,000
774,607
899,607
556,594
1/24/1984
323,451
637,991
47,914
685,905
1,009,356
482,796
291,380
946,984
1,238,364
112,060
283,604
538,002
2,470
540,658
824,262
401,497
6/13/1997
Pasco
161,700
359,142
56,707
415,849
577,549
402,419
Eau Claire
820,689
820,900
1,080,900
575,996
La Crosse
372,883
877,812
878,062
1,250,945
616,105
Kenai
AK
2,350,000
5,400,025
7,750,025
297,001
717,675
1,774,814
2,492,489
56,202
4,170,000
14,213,818
18,383,818
876,519
6,858,989
4,280,000
15,094,661
19,374,661
830,206
8/7/2014
Lawndale
667,007
1,238,841
1,238,890
1,905,897
844,499
163,668
304,097
304,146
467,814
207,314
5,100,000
7,219,244
12,319,244
445,187
Van Nuys
750,293
1,393,545
1,393,594
2,143,887
949,954
9,700,000
13,352,870
23,052,870
823,427
2,701,584
18,072,555
167,558
18,240,113
20,941,697
2,194,112
9,161,124
Conley
727,106
904,138
29,754
933,892
1,660,998
53,075
11,989,018
14,539,018
699,359
7/15/2014
294,195
732,929
1,027,124
8,551
9/24/2015
854,158
1,810,915
2,665,073
75,455
12/22/2014
1,051,077
1,952,233
3,003,310
777,640
1/6/2006
12,094,431
2,189,122
35,657,677
37,846,799
3,043,102
610,004
1,293,280
1,903,284
53,887
12/31/2014
171,320
318,882
490,202
217,382
804,948
1,495,138
2,300,086
595,563
2,039,436
3,787,757
5,827,193
1,508,790
1,080,521
2,006,915
3,087,436
799,421
791,603
1,470,353
2,261,956
585,691
Jefferson City
1,481,299
2,751,217
4,232,516
1,095,902
Kirksville
1,421,788
2,640,696
4,062,484
1,051,877
493,394
916,537
1,409,931
365,087
Moberly
1,293,387
2,402,283
3,695,670
956,908
Mattews
610,177
1,394,743
86,087
34,263
1,515,093
2,125,270
998,550
7/17/1998
1,515,773
2,816,678
2,816,710
4,332,483
1,122,000
Haddon Heights
534,400
35,458
569,858
649,858
13,582
158,168
294,456
452,624
200,732
359,775
762,765
1,122,540
31,782
908,666
978,666
37,861
538,088
768,088
22,420
1,317,842
2,347,842
41,732
3/11/2015
985,954
1,595,954
50,941
9/9/2014
467,167
580,911
1,048,078
31,950
5,989,071
6,486,801
1,140,000
1,082,966
2,222,966
55,438
201,569
374,342
374,444
576,013
180,372
12/5/2003
253,591
827,237
108,402
41,396
977,035
1,230,626
682,031
3/26/1997
980,898
1,280,898
24,522
5/15/2015
1,590,052
2,953,473
4,543,525
1,176,467
1,346,834
2,501,783
3,848,617
996,544
367,890
683,750
1,051,640
466,092
1,025,959
1,275,756
2,301,715
70,167
976,851
1,746,851
50,005
464,338
584,338
23,770
144,014
649,869
11,754
661,623
805,637
660,253
12/22/1986
886,996
1,600,315
48,785
16,417,981
20,557,981
355,723
F-32
Spokane
4,930,000
15,428,206
20,358,206
334,278
Baraboo
719,613
829,613
36,837
Mukwonago
957,033
25,712
982,745
1,162,745
4,839
11/5/2015
1,343,343
1,543,343
55,973
Tomah
1,630,917
12,938,430
14,569,347
1,789,816
1,809,315
214,102
Watchung
2,446,115
289,457
1,841,863
217,954
Lake Grove
2,171,696
256,984
Cedar Falls
634,343
6,331,030
6,965,373
854,689
8/28/2012
Robertsdale
3,026,015
6,117,490
9,143,505
2,205,158
1/29/2007
4/7/2006
West Covina
311,040
577,733
252,854
45,714
876,301
1,187,341
419,961
2,502,092
6,906,609
6,906,724
9,408,816
3,142,621
8/25/2004
Gulf Breeze
3,518,413
905,480
4,423,893
351,628
308,067
573,708
23,430
2,775
599,913
907,980
231,251
2,470,000
8,693,515
11,163,515
854,862
7/18/2013
Woodstock
2,509,102
2,509,993
5,019,095
1,024,914
10/25/2005
Island Lake
2,107,134
6,383,412
8,490,546
2,700,543
12/31/2004
4,070,000
11,863,002
11,863,502
15,933,502
138,414
9/29/2015
3,560,000
5,847,436
9,407,436
497,032
11/26/2013
1,125,979
2,196,033
3,322,012
967,500
2,353,825
4,159,653
6,513,478
1,808,930
5/13/2004
Chichester
578,314
4,546,307
5,124,621
1,990,988
10/1/2004
Churchville
5,755,166
6,755,166
2,202,329
6/6/2006
3/23/2006
715,953
554,589
1,270,542
228,738
2/13/2006
1/19/2005
1,611,084
1,936,755
1,936,813
3,547,897
719,855
9/1/2006
Wood Village
3,822,277
5,687,110
5,687,168
9,509,445
2,049,182
4,099,824
2,081,997
(1,800,804
2,299,020
4,381,017
898,613
7/28/2000
3/3/2005
3,233,329
12,064,417
12,064,917
15,298,246
1,508,206
11/19/2012
9,733,649
9,734,149
13,364,149
113,565
9/21/2015
1,347,454
8,564,135
9,911,589
3,475,515
10/28/2005
1/25/2005
4,337,454
7,312,625
7,313,125
11,650,579
889,857
12/13/2012
1,398,387
3,098,607
10,284
3,108,891
4,507,278
2,356,775
1/29/1997
1,410,177
1,659,850
1,659,930
3,070,107
1,214,396
1,277,112
106,868
268
1,384,248
538,561
7/14/2005
269,964
1,704,013
81,476
1,785,489
2,055,453
1,309,192
6/25/1997
240,423
1,829,837
92,454
1,922,291
2,162,714
1,420,031
465,557
2,176,416
21,418
2,197,987
2,663,544
1,570,317
3/27/1998
3,808,076
2,377,932
145,738
338,968
2,862,638
6,670,714
1,911,552
New Philadelphia
726,636
1,650,672
29,340
1,680,126
2,406,762
1,249,526
5/30/1997
3,009,650
208,809
3,218,459
4,608,459
660,077
593,604
11,944,641
12,538,245
1,009,607
15,000,000
3,799,899
32,101,539
158,312
32,259,851
36,059,750
2,755,680
East Windsor
9,625,000
13,307,041
13,547,041
649,510
15,758,777
16,238,777
26,265
12/3/2015
2,292,068
2,900
2,294,968
2,784,968
156,004
1,769,633
17,892,956
316,800
18,341,993
20,111,626
1,630,973
3,362,698
641,174
11,787,510
12,428,684
1,512,730
10/19/2012
1,770,000
14,922,913
16,692,913
444,134
12/17/2014
Raphine
2,679,884
21,236,904
23,916,788
3,858,038
6/3/2011
28,125,734
2,175,524
33,138,859
2,182,984
35,321,843
37,497,367
4,158,562
11/29/2012
1,473,182
6,930,359
8,403,541
1,282,116
5/2/2011
989,232
5,004,326
5,993,558
434,900
12/21/2012
902,494
2,213,122
43,415
182,667
2,439,204
3,341,698
1,164,014
361,058
1,591,629
1,952,687
1,020,413
1/27/1999
292,250
649,095
88,141
19,277
756,513
1,048,763
679,776
12/2/1988
495,412
1,526,370
2,021,782
961,920
5/28/1999
Ottawa
2,351,842
52,407,677
237,848
52,645,525
54,997,367
4,506,332
427,000
1,296,901
1,723,901
811,370
1/19/1999
Sudbury
543,038
2,477,213
3,020,251
1,530,811
11/12/1999
Tyngsboro
312,204
1,222,522
1,534,726
857,796
6/12/1998
356,348
903,351
155,408
31,687
1,090,446
1,446,794
754,326
1/9/1998
North Plainfield
985,430
1,590,447
2,575,877
1,032,051
684,036
874,914
308,265
1,183,179
1,867,215
799,720
Maineville
173,105
384,468
174,659
330
559,457
732,562
397,240
3/6/1987
Middletown
337,572
777,943
41,328
22,683
841,954
1,179,526
606,790
40,700
180,400
111,572
6,545
298,517
339,217
213,338
Boaz
829,001
1,541,245
14,413
1,556,138
2,385,139
570,905
840,946
1,563,474
2,404,420
570,667
Fort Payne
814,113
1,513,596
2,327,709
552,461
Gadsden
851,124
1,582,332
75,340
25,239
1,682,911
2,534,035
603,331
826,840
1,537,233
(1,149,285
387,996
1,214,836
613,317
811,599
1,508,927
2,320,526
550,757
801,413
1,490,012
21,716
19,034
1,530,762
2,332,175
563,172
El Dorado
907,534
1,687,608
112,711
20,759
1,821,078
2,728,612
639,994
864,497
24,800
889,297
1,306
624,761
895,976
89,537
50,833
1,036,346
1,661,107
760,362
3/6/1996
794,360
1,274,445
2,068,805
472,733
2/23/2006
4/8/2005
681,288
1,008,310
1,689,598
437,382
9/29/2004
4/16/2004
La Verne
1,477,413
174,827
San Dimas
240,562
445,521
91,821
2,690
540,032
780,594
513,239
3/12/1981
540,250
1,132,450
1,672,700
497,713
7/29/2004
3/29/2004
1,606,511
5,865
1,612,376
2,670
7/26/2006
778,054
1,148,443
1,148,481
1,926,535
481,747
6/10/2005
2/23/2005
1,789,040
211,703
Cromwell
531,861
989,638
1,521,499
318,328
12/19/2007
1,235,134
413,747
1,353,727
453,476
New Milford
705,127
24,437
26,125
755,689
254,367
Plainville
1,452,933
486,710
Tewksbury
392,079
730,927
19,598
14,701
765,226
1,157,305
246,407
F-33
Torrington
504,167
939,051
75,434
10,000
1,024,485
1,528,652
341,908
West Haven
540,663
1,006,829
79,286
25,100
1,111,215
1,651,878
Windsor Locks
844,967
1,571,965
2,416,932
526,591
1,451,180
658,461
59,396
717,870
2,169,050
266,560
5/9/2006
1,018,551
1,273,189
2,291,740
150,661
Land O’ Lakes
770,136
1,190,937
1,961,073
471,109
10/21/2005
3/24/2005
790,083
285
790,868
308,220
258
929,402
1,459,392
56,969
32,400
1,548,761
2,478,163
586,950
11/13/2006
8/1/2006
1,290,082
1,612,603
2,902,685
190,825
1,066,339
1,296,339
11/18/1985
1,135,310
1,306,940
18,309
1,325,249
475,969
1/10/2007
6/30/2006
735,000
1,367,891
2,102,891
458,226
790,583
24,415
38,527
853,525
293,106
Sebring
737,465
921,832
1,659,297
109,083
Vero Beach
1,381,247
1,726,559
3,107,806
204,309
Americus
709,624
1,319,578
139,320
6,036
1,464,934
2,174,558
515,817
827,895
1,539,237
240
1,539,477
2,367,372
562,008
Buford
1,394,363
1,229,933
1,537,417
2,767,350
181,928
197,225
438,043
141,866
3,257
583,166
780,391
476,443
4/20/1989
89,220
246
89,466
1/4/1985
827,707
1,538,875
115,596
16,522
1,670,993
2,498,700
614,720
719,188
1,337,352
93,855
23,190
1,454,397
2,173,585
514,722
710,600
1,321,389
(995,794
532
326,127
1,036,727
515,097
Statesboro
926,462
1,722,290
1,722,530
2,648,992
628,822
894,504
1,662,939
87,387
26,155
1,776,481
2,670,985
650,733
901,658
1,676,225
4,820
30,696
1,711,741
2,613,399
633,686
896,841
1,667,267
(1,259,913
407,703
1,304,544
641,446
956,765
1,778,566
536
1,779,102
2,735,867
649,585
Ankeny
349,218
25,075
374,293
474,293
7/28/1983
653,057
1,214,571
54,777
757
1,270,105
1,923,162
443,829
822,331
1,528,939
2,351,270
558,061
Clive
840,697
1,563,046
2,403,743
570,511
Nampa
74,156
343,820
28,206
372,026
446,182
353,453
12/31/1986
Rexburg
90,760
420,787
59,798
480,585
571,345
440,605
11/25/1985
225,785
419,315
50,027
12,117
481,459
707,244
420,376
10/18/1988
Champaign
1,498,402
1,498,420
2,304,308
546,925
Effingham
783,528
1,456,874
2,240,402
531,758
831,323
1,545,566
(324,000
1,221,673
2,052,996
564,136
781,044
1,452,262
2,233,306
530,075
883,110
1,641,741
2,524,851
599,234
953,394
1,208,677
1,988
32,405
1,243,070
2,196,464
507,309
6/15/2005
6/24/2005
662,460
1,060,577
14,651
12,085
1,087,313
1,749,773
485,084
10/13/2004
6/15/2004
846,830
1,574,436
28,742
426
1,603,604
2,450,434
578,103
Swansea
890,625
1,655,743
288,559
21,851
1,966,153
2,856,778
727,948
2,470,909
3,800,909
794,809
12/21/2007
831,077
1,545,131
16,655
30,694
1,592,480
2,423,557
587,276
835,890
1,554,487
1,554,581
2,390,471
567,441
685,194
1,274,206
45,372
19,275
1,338,853
2,024,047
492,958
840,998
1,563,545
1,563,830
2,404,828
570,790
Terre Haute
767,189
1,426,532
35,534
1,462,173
2,229,362
520,836
Derby
96,060
445,359
9,565
5,730
460,654
556,714
451,430
10/29/1985
87,400
405,206
50,518
4,338
460,062
547,462
420,658
4/10/1986
683,265
1,647,429
2,330,694
28,335
7/27/2015
953,916
1,773,245
2,727,161
647,233
1,573,049
186,144
1,005,484
1,256,855
2,262,339
148,728
821,990
1,528,282
2,350,272
557,822
Middlesboro
859,709
1,598,332
2,458,041
583,390
Murray
831,246
1,545,422
111,189
26,343
1,682,954
2,514,200
598,580
913,770
1,698,726
2,612,496
620,034
1,118,270
132,329
1,748,499
206,906
1,011,084
1,879,972
2,891,056
686,189
Houma
1,061,671
1,973,864
12,063
48,086
2,034,013
3,095,684
737,869
Jennings
107,120
496,636
17,656
1,742
516,034
623,154
498,689
10/17/1985
832,895
1,548,993
26,151
28,054
1,603,198
2,436,093
591,107
New Iberia
917,582
1,706,269
80,944
30,339
1,817,552
2,735,134
666,008
949,157
1,764,908
225
1,835,388
2,784,545
666,918
1,136,612
2,113,040
3,249,652
771,258
Ruston
982,427
1,826,696
2,809,123
666,743
Zachary
898,306
1,670,527
11,717
28,442
1,710,686
2,608,992
618,222
Amesbury
790,494
441,034
Attleboro
369,815
693,655
1,063,470
389,601
12/19/2001
418,250
779,623
780,123
1,198,373
261,573
Chicopee
761,606
1,417,624
2,179,230
474,887
Chicopee Falls
302,982
565,894
65,789
7,544
639,227
942,209
208,758
East Longmeadow
614,319
1,144,128
1,758,447
383,266
625,000
828,564
1,453,564
422,434
Great Barrington
422,625
788,089
69,608
10,225
867,922
1,290,547
291,101
Greenfield
761,417
1,417,273
2,178,690
474,769
Haverhill
568,635
1,058,815
1,627,450
354,686
577,667
1,076,023
1,653,690
360,451
Lee
540,506
1,007,010
1,547,516
337,331
North Adams
377,300
703,914
26,657
351
730,922
1,108,222
236,071
Norwood
840,616
1,563,923
2,404,539
523,897
Palmer
141,524
598,480
740,004
336,144
Peabody
529,555
222,590
752,145
125,020
286,241
950,022
1,236,263
533,594
Raynham
1,417,287
2,178,704
474,773
Sagamore Beach
620,188
1,155,007
1,775,195
386,910
Saugus
737,971
346,366
214
614,417
1,144,267
1,758,684
383,312
South Dartmouth
379,217
707,492
14,487
722,058
1,101,275
237,485
230,030
865,572
1,095,602
486,161
227,207
958,444
1,185,651
538,324
Stoneham
397,544
191,717
589,261
107,679
633,843
284,229
224
173,853
488,699
662,552
274,484
Ware
220,457
412,133
21,889
585
434,607
655,064
144,140
West Springfield
243,556
455,532
104,424
9,894
569,850
813,406
Wilbraham
9,626,112
19,964,016
19,966,516
29,592,628
6,063,201
Wollaston
411,366
766,745
1,178,111
256,842
Worcester
578,336
1,077,426
1,655,762
360,920
Waterville
717,653
105
717,758
240,418
Windham
831,301
832,301
279,297
810,477
1,506,864
70,386
228
1,577,478
2,387,955
566,271
827,853
5,631
5,725
833,578
185
4/13/1995
60
885,144
1,645,531
70,987
32,018
1,748,536
2,633,680
641,900
873,536
1,623,973
1,624,067
2,497,603
592,818
766,531
1,425,263
14,030
23,051
1,462,344
2,228,875
538,248
F-34
Westland
869,530
1,616,568
438
1,617,006
2,486,536
590,292
Champlin
583,515
729,394
1,312,909
86,312
281,600
1,305,560
1,305,848
1,587,448
1,305,621
12/18/1984
743,559
1,585,207
158,517
21,240
1,764,964
2,508,523
637,792
Cape Girardeau
745,915
1,386,950
2,132,865
506,236
780,812
1,451,767
180,971
25,259
1,657,997
2,438,809
572,652
808,595
1,503,364
17,390
2,875
1,523,629
2,332,224
553,364
210,199
466,861
60,573
527,561
737,760
480,537
7/30/1987
Hazelwood
157,117
725,327
(104,329
620,998
778,115
8/28/1985
713,088
1,325,993
93,129
22,035
1,441,157
2,154,245
500,066
715,640
894,550
1,610,190
872,364
1,090,455
1,962,819
129,037
Ozark
292,482
432,482
212,039
11/20/1997
Poplar Bluff
774,256
1,439,603
2,213,859
525,454
Raymore
726,583
1,351,055
2,077,638
493,134
Sedalia
269,798
599,231
11,556
610,787
880,585
696,604
1,295,380
39,992
808
1,336,180
2,032,784
481,606
1,390,167
164,503
St. Charles
175,413
809,791
809,872
985,285
809,807
695,121
1,001,878
1,149
1,003,027
1,698,148
803,550
3/16/1995
775,660
1,785,308
2,560,968
651,636
St. Robert
744,158
1,383,694
31,455
1,415,149
2,159,307
516,003
Sullivan
85,500
396,400
(40,743
13,500
369,157
454,657
365,286
12/27/1984
720,310
1,339,963
2,060,273
489,085
867,086
1,612,029
1,612,110
2,479,196
588,406
856,070
1,592,088
2,448,158
581,111
778,938
1,448,844
72,424
17,306
1,538,574
2,317,512
548,044
2,481,172
898,396
698,189
1,298,881
(736,106
563,124
1,261,313
516,063
Albemarle
721,392
1,341,825
1,343,165
2,064,557
490,607
Forest City
872,424
1,621,940
1,622,071
2,494,495
592,108
811,502
1,509,029
72,109
35,050
1,616,188
2,427,690
597,552
836,896
1,556,334
13,017
1,569,351
2,406,247
578,149
777,412
1,445,863
1,445,994
2,223,406
527,840
Sylva
919,724
1,709,783
1,709,914
2,629,638
624,170
656,061
1,004,384
1,660,445
408,002
9/20/2005
2/24/2005
592,716
1,009,253
1,009,285
1,602,001
421,551
5/5/2005
Papillion
654,788
908,685
1,563,473
383,866
3/9/2005
1/12/2005
1,075,628
1,653,295
360,318
849,884
1,581,175
2,431,059
529,677
687,917
1,280,378
1,968,295
428,910
Laconia
330,520
467,594
798,114
262,630
266,337
486,676
753,013
273,348
391,650
730,167
37,475
18,167
785,809
1,177,459
266,175
262,059
695,771
957,830
390,790
Clark
1,009,085
1,550,877
338,026
Hackettstown
307,186
525,142
832,328
294,953
640,403
15,522
655,932
347,683
Mount Holly
1,092,178
351,314
12/17/2007
455,700
849,125
88,127
8,724
945,976
1,401,676
285,306
826,449
1,537,659
2,364,108
515,098
1,307,933
154,772
457,538
852,510
42,302
13,692
908,504
1,366,042
307,548
Clifton Park
1,040,997
1,936,100
2,977,097
648,576
Delmar
316,382
590,387
24,178
14,789
629,354
945,736
220,251
East Greenbush
623,313
1,160,389
1,783,702
388,713
New Hartford
226,041
422,563
648,604
141,541
977,012
1,817,269
2,794,281
608,768
1,911,958
226,248
723,347
248,731
12,017
260,765
984,112
22,122
12/22/1994
318,182
593,654
911,836
198,857
Defiance
71,273
135,109
206,382
45,244
79,545
150,491
230,036
50,397
739,651
1,375,358
2,115,009
502,004
296,970
555,134
852,104
185,950
147,212
276,407
423,619
92,578
Parma Heights
275,758
514,866
790,624
172,463
824,270
1,532,494
2,356,764
559,359
128,158
240,761
368,919
80,637
Springdale
1,895,200
2,369,000
4,264,200
280,332
317,546
712,455
712,569
1,030,115
712,561
Vandalia
145,833
273,579
419,412
91,632
Wooster
763,642
1,419,901
1,420,017
2,183,659
518,379
369,002
30,742
10,278
410,022
655,022
285,126
12/12/1997
734,335
335,097
78,164
413,261
1,147,596
174,471
9/29/1995
6/5/1995
759,826
221,365
17,524
238,889
998,715
2,617
7/6/1995
1,165,405
2,165,989
45,131
2,211,120
3,376,525
802,641
1,454,068
2,079,068
11,629
1/20/2015
910,004
1,400,004
362,485
1/24/2006
360,500
669,605
14,520
684,125
1,044,625
259,210
5/10/2006
1,021,904
1,899,486
2,440
21,989
1,923,915
2,945,819
703,960
1,689,352
199,907
Hermiston
85,560
396,675
10,433
443,945
529,505
417,684
Lake Oswego
175,899
815,508
181,383
41,962
1,038,853
1,214,752
846,626
5/16/1984
865,668
102,437
Feasterville Trev
236,303
441,673
677,976
147,943
Gap
1,012,812
1,013,812
340,103
Gettysburg
289,040
809,676
1,098,716
454,766
1,075,635
22,033
1,097,668
1,675,335
362,770
Horsham
554,361
1,032,352
1,586,713
345,821
828,653
1,540,630
61,487
17,739
2,448,509
593,424
170,304
413,960
584,264
232,506
1,292,172
503,250
503,556
937,999
1,441,555
314,213
North Providence
790,921
381,928
208
Pawtucket
457,462
199,730
230
Gaffney
727,738
1,353,238
57,635
30,305
1,441,178
2,168,916
531,398
1,481,832
1,218,232
1,522,790
2,741,022
180,197
778,616
1,448,099
(1,056,134
493
392,458
1,171,074
532,258
Rock Hill
826,216
1,536,499
46,661
1,583,640
2,409,856
571,112
674,437
76,972
10,145
761,554
1,181,554
468,064
5/12/1999
2/23/1999
827,594
1,538,633
186,235
535
1,725,403
2,552,997
612,751
933,003
1,734,392
231,756
10,410
1,976,558
2,909,561
705,811
695,135
1,292,644
90,256
1,382,900
2,078,035
531,934
Greeneville
936,669
1,741,253
1,741,384
2,678,053
635,657
881,225
1,638,285
83,254
16,066
1,737,605
2,618,830
634,857
786,332
1,462,055
(1,002,020
476
460,511
1,246,843
605,745
871,951
1,621,017
74,039
1,695,066
2,567,017
633,610
1,217,412
1,521,765
2,739,177
180,076
1,336,687
158,175
F-35
640,841
1,191,858
71,563
9,856
1,273,277
1,914,118
466,129
763,283
1,995,460
2,758,743
566,979
9/12/2008
3/3/2008
609,000
1,486,302
2,095,302
26,394
7/13/2015
10/3/2014
699,395
1,167,223
144
1,167,367
1,866,762
452,392
2/15/2006
9/15/2005
976,803
1,361,281
36,880
30,504
1,428,665
2,405,468
537,620
10/23/2006
6/19/2006
1,049,946
1,952,028
13,898
30,875
1,996,801
3,046,747
655,265
919,303
98,231
23,966
122,288
1,041,591
108,091
12/27/1994
120
634,489
1,472,504
1,472,770
2,107,259
555,278
1/13/2006
El Campo
98,060
454,631
552,691
1,399,487
165,606
1,591,758
188,358
870,981
1,177,824
168,185
33,974
1,379,983
2,250,964
567,885
6/2/2006
909,311
1,690,848
34,606
27,914
1,753,368
2,662,679
667,113
943,812
1,897,644
2,841,456
545,561
8/28/2008
3/20/2008
75,992
352,316
158,254
519,934
595,926
409,116
1,096,376
2,300,690
235,500
102,443
2,638,633
3,735,009
1,952,644
989,152
1,838,713
25,823
1,864,536
2,853,688
685,130
Irving
1,500,411
2,156
1,502,567
1,110
2/5/2003
1,327,348
2,467,204
17,494
28,703
2,513,401
3,840,749
914,282
Live Oak
727,956
1,214,835
181,920
32,746
1,429,501
2,157,457
623,722
9/27/2005
6/1/2005
1,231,857
2,289,864
3,521,721
835,799
105,904
490,998
596,902
134,940
625,612
760,552
3/20/1986
729,596
120,820
120,911
850,507
120,858
12/23/1994
984,909
1,831,268
(1,338,505
492,961
1,477,870
678,780
Mexia
93,620
434,046
50,273
11,861
496,180
589,800
464,074
New Braunfels
860,262
1,169,016
56,399
1,475,415
2,335,677
661,798
2/14/2006
10/12/2005
Palestine
825,066
1,534,394
31,586
26,449
1,592,429
2,417,495
577,675
2,420,222
769
2,420,991
415
3/12/2003
835,431
1,185,257
49,500
1,234,757
2,070,188
506,915
12/2/2005
690,443
1,109,136
1,149,636
1,840,079
472,815
10/24/2005
6/27/2005
835,586
1,227,220
45,000
1,272,220
2,107,806
484,046
9/14/2006
1,376,186
1,720,233
3,096,419
203,561
797,574
1,193,813
1,350
1,195,307
1,992,881
446,661
Waxahachie
326,935
726,137
41,232
20,790
788,159
1,115,094
749,179
1,035,794
1,925,746
1,925,911
2,961,705
703,028
1,056,314
1,320,393
2,376,707
156,246
635,945
884,792
1,520,737
709,309
Bluefield
845,277
1,571,754
1,572,056
2,417,333
573,921
1,283,010
151,823
541,628
1,008,771
1,550,399
751,055
1,396,772
66,062
18,130
1,480,964
2,232,019
555,613
833,114
1,549,167
71,660
13,084
1,633,911
2,467,025
572,782
421,479
785,639
248,110
27,205
1,060,954
1,482,433
351,444
717,891
(62,150
655,886
1,040,886
242,023
1,660,095
196,445
867,684
1,613,368
39,262
2,520,314
608,335
651,167
1,212,201
7,930
1,220,236
1,871,403
406,163
Bennington
118,823
673,551
792,374
378,309
Rutland
812,197
1,511,184
2,323,381
506,230
Williston
1,197,659
499,305
921,947
129,058
13,579
1,064,584
1,263,441
988,597
5/29/1984
722,732
1,343,920
63,217
33,305
1,440,442
2,163,174
553,333
Alabaster
335,197
622,697
957,894
231,436
570,000
1,568,482
2,138,482
2,614
Aliceville
860,000
1,305,379
2,165,379
2,176
252,403
468,949
721,352
174,293
272,044
505,636
777,680
290,735
8/31/2001
Attalla
148,993
276,890
425,883
102,911
172,438
320,429
119,093
251,434
467,185
718,619
268,628
Brent
134,432
249,846
384,278
92,859
1,347,268
1,837,268
29,191
6/26/2015
427,391
657,427
245,748
1,388,215
1,878,215
2,314
251,349
466,972
718,321
268,507
148,982
276,881
425,863
102,907
303,056
563,001
866,057
323,723
242,194
449,977
692,171
167,241
398,669
740,568
1,139,237
425,824
226,108
420,117
646,225
156,143
Haleyville
488,357
750,857
157,087
214,198
397,991
612,189
147,920
Hanceville
1,456,914
1,716,914
2,428
Hartselle
1,322,323
2,052,323
2,204
Hokes Bluff
1,648,671
2,468,671
2,748
Hueytown
281,422
522,828
804,250
194,318
1,270,736
1,950,736
27,533
1,215,389
2,065,389
2,026
Leeds
171,145
318,028
489,173
118,200
Lineville
1,431,388
2,151,388
2,386
McCalla
1,303,425
1,913,425
28,241
783,786
1,558,198
2,341,984
2,597
286,333
531,950
818,283
143,693
267,060
410,753
99,257
145,206
269,870
415,076
100,302
380,468
706,777
1,087,245
260,330
10/12/2006
832,541
1,040,676
1,873,217
123,147
1,391,263
2,341,263
2,319
Opp
160,778
298,782
459,560
110,051
Pell City
1,288,925
1,778,925
27,927
Prattville
254,278
472,432
726,710
175,587
Southside
698,221
1,388,090
2,086,311
440,319
630,319
734
12/22/2015
Trussville
256,485
476,510
732,995
175,515
1,225,994
1,805,994
2,043
Warrior
159,109
295,676
454,785
109,893
Arkadelphia
248,868
462,744
711,612
170,444
Bentonville
377,086
700,582
1,077,668
402,831
288,643
536,715
825,358
308,602
267,376
497,124
764,500
184,764
173,984
323,371
92,465
11,807
427,643
601,627
110,917
11/16/2007
219,703
408,588
628,291
151,859
317,000
589,377
906,377
338,883
Pocahontas
241,128
447,988
689,116
165,009
Siloam Springs
352,808
542,808
255,775
704,014
1,307,998
(145,542
558,472
1,866,470
438,177
8/28/2007
500,154
607,547
498,702
1/17/1986
463,231
860,982
1,324,213
288,427
F-36
236,121
541,651
777,772
381,860
5/28/1998
Barstow
690,204
1,380,046
477,394
Fresno
561,502
1,043,688
1,605,190
349,632
Livermore
662,161
823,242
1,485,403
569,412
9/23/1998
95,192
441,334
536,526
170,394
135,301
305,695
395,695
246,190
12/9/1976
386,793
417,290
804,083
291,407
7/31/1998
San Ramon
406,000
1,126,930
1,532,930
12/8/1983
288,558
537,322
825,880
179,999
540,346
750,346
94,561
8/29/2011
444,277
Brush
220,976
310,976
38,671
Castle Rock
744,760
1,414,760
13,654
7/21/2015
152,000
704,736
856,736
9/30/1986
Fort Morgan
350,452
430,452
61,329
1,681,038
59,281
509,281
10,374
124,971
634,971
21,870
508,347
768,347
88,961
207,744
677,744
36,355
261,466
487,102
748,568
163,177
Meriden
369,482
687,116
1,056,598
230,182
500,603
980,603
9,178
Chipley
270,439
502,655
773,094
289,021
484,090
899,658
1,383,748
301,384
512,393
882,393
89,669
Dade City
387,991
527,991
67,899
Defuniak Springs
269,554
501,010
770,564
288,075
100,727
540,727
17,627
150,210
693,445
843,655
9/13/1985
Lake Placid
206,076
426,076
36,063
519,387
829,387
90,893
556,704
1,086,704
97,423
288,777
458,777
50,536
579,385
839,385
101,392
949,489
1,549,489
631,631
5/27/1999
204,200
911,338
1,115,538
575,816
3/27/2000
8/24/1999
456,108
847,515
1,303,623
343,243
11/21/2005
465,993
866,048
1,332,041
290,124
556,668
886,668
374,017
2/17/1999
202,047
375,424
577,471
138,281
767,303
1,424,991
2,192,294
182,874
10/15/2012
Port Richey
848,210
1,575,247
2,423,457
202,157
Saint Petersburg
379,455
705,487
1,084,942
236,336
675,403
1,045,403
118,196
Seffner
209,679
409,679
36,694
715,857
1,100,857
230,266
12/25/2007
325,857
500,857
104,816
545,211
1,013,321
1,558,532
339,460
678,666
36,517
589,949
1,019,949
103,241
1,788,133
2,750,633
599,023
Venice
28,239
368,239
4,942
Wauchula
324,525
584,525
56,792
662,046
882,046
115,858
326,690
607,247
933,937
243,911
12/22/2005
722,093
1,132,093
13,238
1,478,891
2,148,891
2,465
361,957
761,957
63,342
1,085,401
1,356,752
2,442,153
160,549
390,566
600,566
125,632
248,510
768,510
43,489
536,205
996,521
1,532,726
333,833
Evans
416,474
849,080
1,265,554
15,566
Grovetown
1,223,410
1,763,410
22,429
869,716
1,087,145
1,956,861
128,645
384,908
604,908
67,359
237,822
442,409
680,231
148,205
338,634
718,634
59,261
Loganville
422,840
762,840
73,997
423,132
786,530
1,209,662
263,486
517,290
1,054,618
1,571,908
19,335
286,762
596,762
50,183
Oakwood
100,481
540,481
17,584
310,767
578,088
888,855
193,656
Tallapoosa
920,000
1,490,294
2,410,294
2,484
300,211
558,074
858,285
224,159
292,628
543,862
836,490
312,715
223,475
415,563
639,038
166,917
Winder
429,116
659,116
75,095
426,834
792,693
1,219,527
117,583
4/17/2012
208,411
387,971
596,382
155,834
187,250
349,057
278
349,335
536,585
112,339
125,076
233,206
233,484
358,560
93,733
Fort Dodge
388,815
722,573
1,111,388
268,556
Oelwein
84,244
157,375
157,653
241,897
63,275
393,010
729,875
1,122,885
105,832
5/25/2012
395,896
735,724
1,131,620
273,444
263,555
490,374
490,652
754,207
193,761
2/28/2006
190,894
824,305
1,015,199
495,899
161,352
735,104
896,456
406,059
10/7/1988
Bethalto
166,596
346,596
29,154
569,693
875,943
190,845
Cahokia
613,995
683,995
107,449
Carlyle
428,860
508,860
75,051
Centralia
225,966
420,573
646,539
168,929
Countryside
559,824
860,824
187,537
328,978
688,978
57,571
1,300,943
2,000,943
435,813
Fairview Heights
660,652
1,227,321
1,887,973
497,065
282,701
482,701
49,473
Gurnee
2,100,747
457,523
401,819
1,303,225
1,705,044
132,495
454,866
584,866
79,602
Jerseyville
420,481
570,481
73,584
280,903
522,424
803,327
175,010
206,532
383,970
590,502
220,777
363,760
493,760
63,658
423,340
1,373,026
1,796,366
139,591
Mascoutah
435,792
515,792
76,264
385,304
1,249,662
1,634,966
127,049
F-37
Red Bud
251,200
431,200
43,960
Rock Island
138,463
258,066
396,529
103,656
Sparta
236,571
476,571
41,400
228,687
741,703
970,390
75,406
281,230
511,230
49,215
496,908
923,576
1,420,484
309,396
475,300
883,468
1,358,768
295,960
Wood River
369,377
549,377
64,641
46,667
1,170,039
1,560,039
44,852
1/22/2015
394,008
1,383,992
1,778,000
57,666
Bluffton
377,609
1,326,391
1,704,000
55,266
240,910
689,892
930,802
26,446
Columbia City
61,667
Crawfordsville
1,552,000
1,852,000
64,667
361,211
1,268,789
52,866
876,597
1,146,597
33,603
496,306
922,168
1,418,474
373,478
Evansville
136,738
258,964
259,250
395,988
102,398
1,211,000
1,481,000
50,458
973,000
1,363,000
40,542
377,668
1,326,332
55,264
476,075
1,671,925
2,148,000
69,664
328,243
1,152,757
48,032
1,436,000
2,296,000
59,833
1,579,222
1,909,222
60,537
897,000
1,037,000
37,375
813,225
1,250,725
272,429
129,919
242,199
372,118
97,282
Kendallville
1,889,000
2,519,000
78,708
417,330
775,555
1,192,885
303,759
3/28/2006
344,866
1,211,134
1,556,000
50,464
1,131,000
47,125
1,311,000
54,625
426,384
792,314
1,218,698
318,246
12/13/2005
136,400
632,380
8,000
640,380
776,780
3/18/1986
67,156
149,157
61,665
3,408
214,230
281,386
161,167
644,177
1,196,786
1,840,963
484,698
Munster
1,040,943
1,600,943
348,713
New Haven
Newburgh
161,193
300,280
300,566
461,759
120,640
Noblesville
977,000
1,407,000
40,708
North Manchester
679,000
889,000
28,292
262,598
922,402
1,185,000
38,433
133,200
617,545
617,679
750,879
4/28/1986
Valparaiso
365,612
679,507
1,045,119
270,670
1/11/2006
679,505
889,505
26,048
155,856
290,368
446,224
116,630
Chanute
330,852
615,008
945,860
228,578
269,301
500,698
769,999
186,093
700,039
890,039
122,507
214,040
384,040
37,457
624,304
834,304
109,253
767,812
907,812
134,367
338,788
748,788
59,288
754,020
1,401,069
2,155,089
469,356
318,516
592,099
910,615
220,063
Bowling Green
685,246
1,273,002
1,958,248
515,566
Hazard
243,836
453,025
453,033
696,869
168,381
122,200
1,400
31,495
32,895
155,095
14,327
422,501
784,831
1,207,332
291,696
1,251,276
1,924,827
506,767
172,269
320,497
492,766
119,118
371,127
690,819
1,061,946
236,017
6/22/2007
163,651
304,492
468,143
113,169
291,675
541,890
833,565
311,584
170,274
316,792
487,066
117,741
359,268
667,417
1,026,685
383,762
154,671
287,815
442,486
106,971
200,033
372,059
572,092
138,282
259,987
483,401
743,388
179,664
269,130
500,382
769,512
185,975
Vivian
135,568
252,338
387,906
93,786
Winnfield
145,973
271,661
417,634
100,967
Fall River
1,787,831
2,750,331
598,923
Hagerstown
499,396
928,250
1,427,646
310,962
958,127
1,388,127
36,728
1,140,714
1,380,714
43,727
Alpena
773,434
1,403,434
29,648
Bridgeport
687,178
887,178
26,342
Cadillac
1,372,789
1,552,789
52,624
279,923
521,223
801,146
174,608
1,544,858
1,904,858
59,220
Gaylord
1,344,159
2,024,159
51,526
969,204
1,569,204
37,153
1,090,246
1,580,246
41,793
Grayling
665,292
795,292
25,503
Houghton Lake
664,188
834,188
25,461
Ithaca
812,266
1,162,266
31,137
Kentwood
1,025,674
1,505,674
18,804
651,446
1,001,446
218,232
Ludington
1,043,729
1,503,729
40,010
897,681
1,097,681
34,411
Sault St. Marie
1,326,583
1,706,583
50,852
1,092,232
1,372,232
41,869
1,132,002
1,722,002
43,393
680,038
1,947,424
2,627,462
74,651
Affton
171,955
291,955
30,092
237,094
440,596
677,690
253,339
228,347
798,347
39,961
159,346
296,519
455,865
110,206
450,078
836,372
1,286,450
333,155
Desloge
1,020,010
1,275,012
2,295,022
150,876
315,830
1,024,338
1,340,168
104,141
340,042
1,102,863
1,442,905
112,124
86,396
376,396
15,119
239,221
489,221
41,864
F-38
235,370
515,370
41,190
Joplin
301,207
749,000
1,050,207
111,591
281,001
522,428
803,429
194,169
484,010
714,010
84,702
339,994
539,994
59,499
450,156
950,156
78,777
442,586
204,865
Mountain Grove
408,591
628,295
151,860
290,795
540,616
831,411
200,929
Nixa
251,387
467,430
718,817
173,728
Olivette
319,958
1,037,725
1,357,683
105,502
362,265
1,174,938
1,537,203
119,452
383,603
1,244,145
1,627,748
126,488
Potosi
242,154
785,383
1,027,537
79,847
663,580
1,123,580
116,126
327,805
1,063,176
1,390,981
108,090
251,381
467,418
718,799
173,724
225,939
420,162
646,101
154,760
88,519
428,519
15,491
184,049
684,049
32,209
263,107
853,340
1,116,447
86,756
329,242
611,728
940,970
351,740
Webb City
337,647
627,628
965,275
233,269
Biloxi
414,902
770,725
1,185,627
286,453
163,193
303,268
466,461
112,715
157,803
293,257
451,060
108,994
128,409
238,775
367,184
95,908
117,411
218,350
335,761
87,703
285,607
530,598
816,205
197,206
154,733
287,549
287,717
442,450
106,905
1,546,444
1,926,444
2,577
106,457
198,007
304,464
79,532
239,686
445,337
685,023
256,066
Gautier
241,995
449,607
691,602
167,104
311,324
578,378
889,702
332,565
177,329
329,520
506,849
122,472
Grenada
1,092,049
1,542,049
1,820
Hernando
137,898
256,282
394,180
95,252
226,962
421,695
648,657
156,730
Indianola
270,639
502,822
773,461
289,120
139,243
258,779
398,022
96,180
237,982
442,154
680,136
164,334
352,003
653,900
1,005,903
240,853
635,847
1,135,847
1,060
1,169,753
1,579,753
598,269
1,098,269
997
Kosciusko
311,422
578,550
889,972
215,028
Magee
264,395
491,206
755,601
182,565
287,821
534,713
822,534
198,735
Natchez
402,589
747,934
1,150,523
270,503
12/21/2006
284,350
528,311
812,661
303,776
332,234
617,192
949,426
229,390
362,276
673,055
1,035,331
218,743
164,058
304,873
468,931
113,311
297,182
552,097
552,123
849,305
203,356
478,216
572,203
1,050,419
954
292,868
543,912
836,780
202,154
Pontotoc
285,006
529,492
814,498
196,794
314,349
762,854
1,077,203
1,271
498,426
925,905
1,424,331
300,919
953,287
1,253,287
1,589
403,905
980,187
1,384,092
1,634
175,436
326,005
501,441
121,165
166,869
310,095
476,964
115,252
225,934
419,857
645,791
156,047
9/28/2006
275,895
512,632
788,527
190,528
668,984
1,078,984
1,115
West Point
87,859
163,468
251,327
65,659
Wiggins
268,104
498,095
766,199
185,125
264,226
491,419
755,645
164,624
468,859
955,879
1,424,738
662,231
872,231
12,141
988,464
1,448,464
18,122
458,612
934,988
1,393,600
17,141
962,394
1,342,394
30,476
3/25/2015
Granite Falls
1,412,026
1,765,032
3,177,058
208,862
872,587
1,090,734
1,963,321
129,070
Hildebran
966,417
1,208,021
2,174,438
142,949
836,583
1,156,583
26,492
1,811,063
2,263,829
4,074,892
267,886
Raeford
773,505
966,881
1,740,386
114,414
1,214,095
1,674,095
38,446
983,522
1,229,402
2,212,924
145,479
1,033,636
1,292,046
2,325,682
152,892
905,484
1,135,484
28,674
353,239
656,427
1,009,666
377,440
126,423
235,323
361,746
94,521
Devils Lake
150,390
279,798
430,188
112,386
217,057
403,609
620,666
162,116
136,523
254,045
390,568
102,041
Minot
153,870
286,260
440,130
114,981
444,460
825,938
825,970
1,270,430
329,021
650,877
650,909
1,000,909
218,064
412,349
767,082
1,179,431
256,971
317,454
591,060
908,514
198,001
299,187
556,978
856,165
186,564
394,450
734,205
1,128,655
245,945
473,710
881,038
1,354,748
295,146
633,461
1,177,718
1,811,179
394,534
Van Wert
907,061
1,237,061
34,771
Bixby
145,791
271,272
417,063
108,961
Checotah
153,232
285,092
438,324
114,512
Idabel
214,244
398,545
612,789
229,155
327,043
607,645
934,688
349,392
Tahlequah
224,982
418,341
643,323
168,033
295,993
549,981
845,974
316,236
198,540
689,507
888,047
497,261
5/23/1989
The Dalles
1,034,805
1,293,506
2,328,311
153,065
586,368
901,368
196,430
423,333
787,125
1,210,458
263,685
240,937
447,656
688,593
166,379
F-39
618,572
1,261,105
1,879,677
23,120
986,046
1,436,046
18,078
952,423
1,190,529
2,142,952
140,879
812,611
1,015,764
1,828,375
120,199
1,137,369
1,847,369
20,852
344,602
702,552
1,047,154
12,880
982,465
1,332,465
18,012
721,854
1,301,854
22,859
Inman
809,987
1,012,483
1,822,470
119,811
1,008,769
1,338,769
18,494
Leesville
899,686
1,124,607
2,024,293
133,079
1,278,314
1,808,314
23,436
708,489
885,611
1,594,100
104,797
Piedmont
841,862
1,052,327
1,894,189
124,525
950,185
1,350,185
17,420
957,339
1,196,673
2,154,012
141,606
Walterboro
779,500
1,019,500
32,479
12/8/2014
139,587
259,627
399,214
104,283
112,143
208,660
320,803
83,811
197,967
368,047
566,014
147,832
340,718
633,332
974,050
226,944
1/19/2007
Spearfish
142,114
264,320
406,434
106,168
Watertown
197,559
367,289
564,848
147,527
Winner
115,591
215,063
330,654
86,383
244,470
454,016
698,486
167,229
10/2/2006
152,469
283,343
435,812
99,642
289,379
538,081
827,460
309,388
740,474
1,230,474
45,663
Collierville
433,503
805,339
1,238,842
261,735
410,242
761,878
1,172,120
280,625
356,774
662,837
1,019,611
215,422
155,954
289,815
445,769
107,714
341,251
633,753
975,004
233,432
126,158
234,594
235,063
361,221
94,342
312,734
581,049
49,946
52
631,047
943,781
197,680
411,504
764,222
1,175,726
281,489
173,616
322,616
496,232
119,905
McMinnville
442,735
635,260
1,077,995
229,734
148,386
275,760
424,146
102,491
254,423
472,680
727,103
174,104
309,358
574,779
884,137
186,803
361,618
983,143
1,344,761
1,639
901,920
1,371,920
1,503
384,025
931,944
1,315,969
1,553
1,473,473
1,913,473
2,456
Milan
138,159
256,766
394,925
95,431
Millington
285,613
530,630
816,243
305,110
182,935
340,274
523,209
136,676
376,568
699,340
1,075,908
257,590
712,027
1,095,293
257,516
147,915
274,700
422,615
101,181
432,494
803,203
1,235,697
295,846
350,983
651,825
1,002,808
240,089
653,785
1,153,785
40,317
231,552
430,232
661,784
247,381
Sevierville
423,790
787,301
1,211,091
292,614
245,370
455,687
701,057
167,845
174,379
324,032
498,411
120,432
165,000
306,771
471,771
201,958
7/9/1999
1,040,667
1,600,667
348,622
269,284
500,766
770,050
167,755
Aubrey
716,517
866,517
1,194
12/7/2015
1,265,732
1,175,014
1,468,768
2,643,782
173,804
873,035
1,213,035
16,006
212,875
396,007
608,882
132,660
826,321
1,032,902
1,859,223
122,227
Crossroads
649,030
1,029,030
12/21/2015
386,451
718,361
1,104,812
240,649
640,350
1,080,350
1,067
Ennis
384,793
45,798
12,600
616,441
407,848
12/28/1987
Farmersville
639,403
879,403
1,066
Ferris
1,023,905
922,690
1,153,363
2,076,053
136,481
Forney
1,260,586
1,427,489
2,569,480
168,919
223,195
492,067
492,121
715,316
484,963
6/26/1991
423,281
382,059
805,340
319,019
2/10/1995
520,197
800,197
174,266
194,994
386,056
386,184
581,178
379,505
6/25/1991
113,693
113,751
335,664
624,233
959,897
209,116
1,003,721
1,254,651
2,258,372
148,467
Hurst
215,623
401,245
616,868
134,415
291,971
543,094
835,065
181,934
Justin
682,027
992,027
1,137
583,014
56,429
639,514
902,014
583,153
5/29/1987
Krum
633,016
873,016
1,055
448,000
832,667
1,280,667
278,942
128,842
239,585
368,427
96,233
111,146
206,720
317,866
227,067
333,031
560,098
278,081
2/9/1995
Sanger
602,302
852,302
1,004
304,414
623,331
927,745
443,546
3/23/1998
197,871
391,753
391,881
589,752
385,104
South Houston
1,193,698
1,139,426
1,424,283
2,563,709
168,540
214,024
423,733
423,861
637,885
416,531
302,505
291,414
593,919
243,330
Texarkana
311,263
578,266
889,529
1,137,100
1,062,212
1,327,765
2,389,977
157,119
987,888
884,385
1,105,481
1,989,866
130,815
Vidor
146,291
271,990
418,281
109,249
805,000
1,495,800
2,300,800
501,091
308,824
573,529
882,353
121,397
9/14/2010
551,588
797,260
60,210
19,640
877,110
1,428,698
598,838
2/23/1998
479,531
646,719
1,126,250
460,196
1,302,457
1,628,071
2,930,528
192,655
340,126
631,662
971,788
93,697
Beaver Dam
980,309
1,210,309
Grafton
149,778
332,664
482,442
308,131
572,756
880,887
228,148
Oshkosh
385,870
716,616
1,102,486
106,298
F-40
Lebec
9,088,899
2,357,234
30,943,343
33,300,577
2,615,449
3,190,883
3,413,933
127,653
207,431
3,749,017
6,939,900
2,141,562
Brookville
19,076,267
2,577,129
48,823,456
51,400,585
4,126,744
703,355
1,432,903
17,538
7,275
1,457,716
2,161,071
491,004
Anchorage
1,486,000
5,045,244
6,531,244
2,867,372
10/17/2001
984,890
1,536,269
2,521,159
545,357
2/12/2007
3,321,244
4,971,244
1,887,565
608,790
2,557,564
3,166,354
1,237,688
9/10/2003
4/18/2003
1,695,000
2,025,554
3,720,554
1,151,186
1,296,000
2,234,554
3,530,554
1,269,968
Jupiter
1,698,316
4,352,255
247,330
4,599,585
6,297,901
2,369,901
5/3/2000
994,000
4,076,554
5,070,554
2,316,838
1,197,000
2,573,554
3,770,554
1,462,633
1,460,000
5,953,083
7,413,083
278,322
9/17/2014
4/16/2014
1,339,957
1,831,350
3,171,307
710,839
3/1/2006
1,360,000
7,255,745
8,615,745
4/22/2014
Geneva
2,082,000
1,838,888
3,920,888
1,045,095
6,629,748
11,096
11/13/2014
Avon
5,299,303
5,039
5,304,342
7,504,342
335,434
4/8/2014
5,241,516
6,731,516
375,642
2,084,000
3,046,888
5,130,888
1,731,642
2,390,000
3,416,323
5,806,323
370,102
Kearney
173,950
344,393
518,343
5/1/1990
5,559,686
4,447,566
10,007,252
1,964,342
12/29/2004
2,280,000
5,814,036
8,094,036
222,871
1/27/2015
2,770,492
3,620,492
170,847
Eugene
7,434,760
25,586
7,460,346
8,180,346
843,638
3/22/2013
2,101,415
3,902,912
6,004,327
2,205,144
11/8/2001
1,145,120
2,770,957
3,916,077
1,234,815
3,111,921
(428,405
806,410
3,918,331
1,342,081
Mt Juliet
2,449,395
6,074,357
8,523,752
313,762
5/30/2014
2,501,244
3,201,244
1,421,532
1,140,982
4,253,818
5,394,800
106,345
5/28/2015
5,720,000
6,300,000
295,533
9/29/2014
5,556,669
6,656,669
361,183
5/13/2014
1,941,000
2,979,888
4,920,888
1,693,564
2,720,359
11,128,077
11,128,224
13,848,583
2,095,918
Harmans
3,411,391
11,757,946
363,285
12,121,231
15,532,622
1,044,115
9,100,000
15,816,613
16,696,613
772,001
1,246,233
1,289,636
2,535,869
12/10/2015
1,721,686
9,387,216
2,750
9,390,024
11,111,710
1,706,507
6/22/2011
1,740,479
11,570,294
11,570,441
13,310,920
2,179,202
Fairbanks
2,586,879
9,575
2,596,454
5,761
9/27/2000
2,810,868
2,825,176
8,608
2,060,287
8,914,162
10,974,449
1,559,978
8/8/2011
2,466,208
15,838,098
18,304,306
2,356,042
5,150,000
9,056,647
525,783
9,582,430
14,732,430
563,256
2,618,441
8,979,199
11,597,640
5,492,257
2,497,504
10,148,237
12,645,741
1,775,941
Chamblee
4,329,404
14,942
4,344,346
8,802
2,962,468
13,170,143
115,230
13,285,373
16,247,841
2,363,728
4,924,553
14,207,916
19,132,469
3,807,942
1/31/2008
Dubuque
3,185,053
5,915,983
9,101,036
1,883,254
4,270,500
9,070,885
13,341,385
3,734,171
9/28/2005
3,297,566
11,716,314
15,013,880
3,976,476
832,500
3,499,885
4,332,385
1,440,776
Mattoon
543,183
5,110,193
5,653,376
2,103,686
North Pekin
1,575,231
9,183,100
10,758,331
3,780,367
16,675,954
(1,779
4,268,721
20,944,675
6,864,925
3,151,838
10,404,452
13,556,290
4,283,156
2,498,642
7,934,745
10,433,387
3,266,460
1,999,812
7,234,361
9,234,173
2,978,136
2,700,395
17,672,980
20,373,375
7,073,580
1,249,321
9,835,885
11,085,206
4,049,096
2,460,040
17,641,170
20,101,210
6,298,676
Inver Grove
2,863,272
18,471,062
21,334,334
6,410,429
1,106,618
4,872,502
5,979,120
2,005,837
Rockaway
8,634,576
14,679,823
23,314,399
5,313,227
12/6/2006
4/13/2005
2,700,000
5,570,505
47,777
5,618,282
8,318,282
2,317,218
9/29/2005
Henrietta
2,152,546
8,953,645
11,106,191
1,566,888
1,511,018
1,386
1,512,404
834
2,062,545
8,467,551
518,435
8,985,986
11,048,531
1,618,286
2,103,351
5,161,550
7,264,901
2,709,801
4,915,032
16,377
4,931,467
9,882
2,793,001
9,942
2,803,001
6,010
2,072,738
8,340,814
18,470
8,359,284
10,432,022
1,154,732
Burleson
2,802,189
5,082,189
1,060,161
2,161,477
5,561,558
7,723,035
2,031,525
10/11/2006
8/9/2005
2,910,035
12,674,850
15,584,885
2,218,099
2,887,500
5,363,826
8,251,326
2,154,470
12/21/2005
1,642,533
6,984,372
8,626,905
1,222,265
1,013,706
5,880,539
6,894,245
2,165,999
10/6/2006
1,314,065
9,748,457
11,062,522
5,962,770
2,212,494
9,324,958
11,537,452
1,631,868
Sterling
4,546,305
33,325
4,579,630
19,490
1,988,142
7/27/2000
Fitchburg
5,540,553
13,902,133
19,442,686
3,275,804
4,106,903
23,819,301
27,926,204
2,013,298
West Sacramento
12,277,918
29,165,650
17,616
29,183,266
41,461,184
2,467,165
Palmetto
1,853,907
14,806,512
12,345
14,818,857
16,672,764
1,888,674
3/17/2011
154,700
1/10/2011
612,500
1,137,500
1,750,000
225,604
Grayslake
5,044,195
26,218,048
26,218,548
31,262,743
3,872,422
4/21/2011
959,651
4,053,122
5,012,773
695,786
9/13/2011
Dodge City
244,811
3,713,789
4,383
3,718,172
3,962,983
274,889
Hays
895,274
171,304
2,701,222
5,284
2,706,506
2,877,810
177,281
2,840,499
7,375,302
7,376,302
10,216,801
1,414,074
472,500
877,500
1,350,000
174,038
5,732,055
30,841,995
36,574,050
2,606,883
Saint Rose
3,147,428
8,283,048
21,892
8,304,940
11,452,368
1,341,034
12/20/2011
1,740,080
4,580,068
6,320,148
2,275,468
12/24/2003
4/1/2003
4,499,317
50,857,761
50,894,261
55,393,578
4,088,770
103,133
F-41
Gibraltar
90,242
677,324
887,324
21,449
219,564
10,638,391
5,127
10,643,518
10,863,082
899,229
Saline
4,833,060
1,275,995
17,421,836
18,697,831
1,276,086
2,197,022
474,860
4,309,642
3,567
4,313,209
4,788,069
364,275
2,451,948
12,666,361
98,424
12,764,785
15,216,733
1,837,966
2,669,300
19,440,332
22,109,632
1,643,171
Petal
3,657,281
3,972,281
261,952
5/24/2013
7/12/2012
1,365,000
270,725
Grand Forks
1,687,642
366,876
3,329,620
14,618
3,344,238
3,711,114
283,458
3,658,273
792,802
9,577,968
10,370,770
690,249
West Lebanon
996,755
8,076,928
9,073,683
682,693
Bronx
12,691,867
19,765,973
75,475
19,841,448
1,715,509
Rensselaer
5,393,842
67,434,084
142,250
67,576,334
72,970,176
5,099,962
North Canton
10,641,063
899,423
2,237,958
53,040,112
55,278,070
4,483,152
719,985
10,102,113
10,822,098
1,498,480
4/10/2012
Walbridge
77,350
24,053,357
25,453,357
257,715
8/26/2015
128,917
405,243
4,689,328
22,294
4,711,622
5,116,865
387,463
Snow Shoe
591,101
12,994,366
13,585,467
1,098,333
1,605,500
416,023
3,775,664
4,191,687
317,224
2,024,239
8,974,591
5,835
8,980,426
11,004,665
1,720,401
16,398,303
202,533
16,600,836
20,170,836
1,372,601
2/27/2013
5,802,459
45,111,656
50,914,115
3,813,009
9,187,363
3,140,000
11,319,877
14,459,877
634,028
12,427,637
3,910,000
16,504,232
20,414,232
924,335
875,000
1,625,000
2,500,000
322,292
439,127
9,850,580
10,289,707
832,606
Vineyard
1,732,107
7,419,359
9,151,466
1,086,034
Spokane Valley
805,923
13,474,284
13,474,296
14,280,219
769,494
Beckley
497,198
6,060,449
6,623
6,067,072
6,564,270
436,897
2,251,894
6,469,248
8,721,142
425,773
12/28/2012
3,540,000
6,206,964
6,208,464
9,748,464
631,416
5,699,931
10,584,586
10,585,586
16,285,517
1,393,962
11,841,797
21,990,910
21,991,910
33,833,707
2,895,795
5,788,032
10,748,203
10,749,203
16,537,235
1,415,505
5,690,200
4,673,148
9,903,758
2,072
9,905,830
14,578,978
1,172,549
2,760,000
4,164,146
4,165,646
6,925,646
423,730
Kenner
6,294,719
6,296,219
8,866,219
640,338
8,965,840
16,649,846
16,650,846
25,616,686
2,192,555
17,820,000
19,570,396
19,571,396
22,471,396
1,337,485
10,208,201
18,958,088
29,166,289
3,254,472
Nashua
7,204,581
13,379,935
20,584,516
2,296,889
Clay
6,902,476
12,817,384
12,818,884
19,721,360
1,688,110
13,122,718
24,369,763
24,370,763
37,493,481
4,183,901
Yorktown Heights
11,225,391
20,847,154
32,072,545
3,578,761
6,607,526
6,609,026
9,739,026
672,140
3,100,000
6,280,893
6,282,393
9,382,393
638,932
Conshohocken
7,231,557
13,430,034
20,661,591
2,305,489
Stroudsburg
5,192,837
9,642,340
9,643,840
14,836,677
1,270,062
5,433,864
10,090,462
10,091,462
15,525,326
1,328,903
4,810,000
4,880,207
9,690,207
3,750,000
6,190,754
6,192,254
9,942,254
629,768
5,820,158
5,821,158
7,011,158
591,966
2,720,000
6,293,142
6,294,142
9,014,142
640,053
3,410,000
5,759,623
5,761,123
9,171,123
585,937
Jersey Village
3,370,000
5,865,635
5,867,135
9,237,135
596,715
6,750,000
7,580,624
7,581,624
14,331,624
770,947
3,660,000
5,213,163
5,214,663
8,874,663
530,380
3,830,000
5,019,869
5,021,369
8,851,369
510,728
Tyler
1,940,000
4,638,872
4,640,372
6,580,372
471,994
4,262,780
4,264,280
6,264,280
433,758
5,650,222
10,493,270
16,143,492
1,381,614
5,659,285
10,509,101
10,510,101
16,169,386
1,804,487
Irondale
392,795
865,115
70,842
936,121
1,328,916
651,165
1,949,375
12,966,248
832,944
13,799,192
15,748,567
4,638,032
8/13/2007
1/18/2006
5,699,757
22,556,526
297,876
22,854,426
28,554,183
1,204,411
5,810,243
15,668,246
524,629
13,699
16,206,574
22,016,817
1,004,612
259,686
362,562
56,657
419,373
679,059
292,449
289,714
797,856
10,910
16,580
825,346
1,115,060
565,178
11/23/1998
405,360
656,296
(124,313
531,983
937,343
181,156
515,598
131,997
647,855
829,011
471,750
279,851
554,060
78,768
11,821
644,649
924,500
550,755
9/9/1991
139,199
8/18/1986
328,187
921,232
(4,953
472
916,751
1,244,938
718,709
11/14/1997
Crest Net Lease
5,189,030
8,872,103
(2,065,414
5,189,031
6,824,038
12,013,069
231,174
Various
637,657,666
3,294,245,810
8,987,122,041
22,978,169
6,500,765
3,291,067,838
9,019,778,947
12,310,846,785
1,691,963,148
F-42
Note 1.
Realty Income Corporation owns 4,538 single-tenant properties and two corporate headquarters properties. Crest Net Lease, Inc. owns eight properties.
Realty Income Corporation also owns 19 multi-tenant properties located in each of the following cities: El Cajon, CA; Elk Grove, CA; Hanford, CA; San Diego, CA; Danbury, CT; Brandon, FL; Cutler Ridge, FL; Deerfield Beach, FL; Macon, GA; Valdosta, GA; Fair Grove, MO; Columbus, OH; Edmond, OK; Jackson, TN; Memphis, TN; Cedar Park, TX; Dallas, TX; The Colony, TX and Virginia Beach, VA.
Note 2.
Includes mortgages payable secured by 183 properties, but excludes unamortized net debt premiums of $9.1 million.
Note 3.
The aggregate cost for federal income tax purposes for Realty Income Corporation is $11,847,908,298 and for Crest Net Lease, Inc. is $15,336,334.
Note 4.
The following is a reconciliation of total real estate carrying value for the years ended December 31:
Balance at Beginning of Period
11,172,348,415
9,918,069,735
5,978,155,929
Additions During Period:
Acquisitions
1,279,388,017
1,463,440,724
4,701,785,534
Less amounts allocated to acquired lease intangible assets and liabilities on our Consolidated Balance Sheets
(63,808,207)
(126,550,939)
(645,225,410)
Equipment
0
Improvements, Etc.
10,803,029
5,210,401
7,226,683
Other (Leasing Costs and Building Adjustments as a result of net debt premiums)
748,126
523,907
6,997,768
Total Additions
1,227,130,965
1,342,624,093
4,070,784,575
Deductions During Period:
Cost of Real Estate sold or disposed of
76,659,381
83,059,172
127,218,307
Cost of Equipment sold
Releasing costs
592,815
732,130
251,616
Other (including Provisions for Impairment)
11,380,399
4,554,113
3,400,846
Total Deductions
88,632,595
88,345,414
130,870,769
Balance at Close of Period
Note 5.
The following is a reconciliation of accumulated depreciation for the years ended:
1,390,808,700
1,121,460,394
936,019,074
Additions During Period - Provision for Depreciation
320,512,807
290,551,867
242,619,990
Accumulated depreciation of real estate and equipment sold or disposed of
19,358,359
21,203,561
57,178,670
Note 6.
In 2015, provisions for impairment were recorded on fifteen Realty Income properties.
In 2014, provisions for impairment were recorded on twelve Realty Income properties.
In 2013, provisions for impairment were recorded on nine Realty Income properties.
Note 7.
In accordance with FASB 143 and FASB interpretation No. 47, we recorded in aggregate negative $820,166 in 2015, $83,532 in 2014, and negative $64,339 in 2013 to two buildings for the fair value of legal obligations to peform asset-retirement activities that are conditional on future events. These two properties are reported in the drug store industry and are located in Girard, PA and Slippery Rock, PA.
See report of independent registered public accounting firm.
F-43